South Korea presidential candidate to raise campaign funds using crypto

Share This Post


Lee Jae-myung, a presidential candidate for the Democratic Party of Korea (DPK), is issuing non-fungible tokens (NFTs) to fundraise for the presidential election. The NFTs will feature Jae-myung’s image, and they will be transferrable.

NFTs to fund a presidential campaign

A publication on January 3 by the Korea Times noted that the fundraiser would commence towards the end of this month. Once the NFTs are created and issued, it will be the first time the DPK is using NFTs for such a purpose.

One of the lawmakers with the party noted that “our presidential candidate is also preparing for fundraising using NFTs.

The party further clarified that the use of NFTs was not against the Political Funds Act or the Public Official Election Act. The party also noted that it had consulted with various government institutions over the past 8 months on the issue.

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

The South Korean presidential elections are expected to happen on March 9, 2022, and Jae-myung has been selected as the candidate for the country’s ruling party. The move to use NFTs for the fundraiser is to attract young voters, as these are the most active within the crypto sector.

In a recent interview, Jae-myung noted that South Korea should take the lead in the global trend for crypto adoption and adopt the use of NFTs and digital assets in general.” If we deny what actually exists, it will be similar to an isolationist foreign policy,” he stated.

Use of crypto for political donations

Representative Lee Kwang-jae, yet another member of the DPK, recently announced the intention to receive campaign donations in cryptocurrencies. The politician plans to accept Bitcoin and Ethereum in the campaigns and other local tokens. Kwang-jae will be the first politician to accept cryptocurrencies to finance a campaign with this move.

The lawmaker also stated that he intends to receive 10 million won in cryptocurrencies, valued at around $8400. Additionally, the limit for one contributor has been set at 1 million won or $840. The contributors are also set to receive a receipt for their contributions from mid-January.

Your capital is at risk.

Read more:

Read Entire Article
spot_img

Related Posts

Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here’s When

Crypto analyst CryptoBull recently highlighted a bullish pattern that could send the XRP price to three figures However, the analyst failed to give an exact timeline for when this massive rally would

Bitcoin Stalls Below $72,000: Is This The Weakest BTC Bull Run In 15 Years?

Bitcoin prices are firm when writing and trading at around multi-month highs but below the all-important liquidation line at around $72,000 While up roughly 20% from May 2024 lows, some analysts are

US Treasury Secretary Yellen Warns of Challenges in Controlling Deficits and Interest Expense

US Treasury Secretary Janet Yellen has stressed the importance of managing US borrowing needs amid higher long-term interest rates, emphasizing the need to boost revenue in budget negotiations

Retail activity dominates Bitcoin, overshadowing institutional moves

When analyzing the Bitcoin market, it’s equally important to understand the behavior of different market participants as it is to understand the technical foundations of Bitcoin’s price

Apu Memecoin Soars, Reaching 11,600 Token Holders with Strong Community Support

PRESS RELEASE Apu Apustaja, a new memecoin making waves in the industry, has announced impressive support from its rapidly growing community, including over 11,650 coin holders and more than 13,000

Shiba Inu Barrels Toward Another Milestone In Major Metric, Price Shows No Signs Of Life

The Shiba Inu (SHIB) ecosystem is set to record another milestone, with the layer-2 network Shibarium approaching 5 million blocks Despite this development, Shiba Inu’s price has remained tepid for
- Advertisement -spot_img