South Korean Presidential Candidate to Raise Funds Through NFTs: Report

The ruling political celebration of South Korea– The Democratic Party of Korea (DPK)– will apparently present non-fungible tokens for fundraising in a governmental election. The antiques will portray Lee Jae- myung’s image (DPK’s prospect for president) and act as a bond enabling holders to exchange the NFTs with other people.

NFTs Fueling Presidential Campaign

According to a January 3 report by The Korea Times, the effort will begin later on this month. Assuming the DPK concerns the non-fungible tokens, it will end up being the world’s very first political celebration to use digital antiques for such a cause.

“Our presidential candidate is also preparing for fundraising using NFTs,” a legislator member of the ruling celebration verified.

The DPK likewise highlighted that fundraising utilizing NFTs does not break the Political Funds Act or thePublic Official Election Act Rep. Lee Kwang- jae exposed that the authorities have actually completely gone over the matter with federal government organizations over the previous 8 months.

“The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds,” he included.

The South Korean governmental election is set for March 9, 2022, as the DPK’s prospect is the 57-year-old member of the celebration– Lee Jae- myung. The relocation is thought about to win a few of the young Koreans’ votes, particularly those in their 20s and 30s– amongst the most active people in the cryptocurrency area.

During a current interview, Lee Jae- myung believed that South Korea ought to lead the worldwide pattern and welcome non-fungible tokens and digital properties at a greater level.


“If we deny what actually exists, it will be similar to an isolationist foreign policy,” the governmental prospect concluded.

Rep. Lee Jae-myung, Source: The Korea HeldLee Jae- myung, Source: The Korea Held

Cryptocurrencies Accepted as Political Donations

Last week,Rep Lee Kwang- jae– another member of the Democratic Party of Korea– exposed his intents to get project contributions in cryptocurrencies.

The preliminary properties will be the 2 biggest by market capitalization– Bitcoin (BTC) and Ether (ETH), in addition to a couple of regional tokens. If understood, the political leader will end up being the very first in his field to accept cryptocurrencies for project financing.

The legislator’s workplace described that it initially plans to get 10 million won (around $8,400) worth of cryptocurrencies, with a 1 million won ($ 840) limitation set for each factor.

Additionally,Rep Lee Kwang- jae prepares to release non-fungible tokens as an invoice for such contributions beginning with mid-January this year.

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