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    Home » Crypto News » South Korean Presidential Candidate to Raise Funds Through NFTs: Report

    South Korean Presidential Candidate to Raise Funds Through NFTs: Report

    Author: Dimitar Dzhondzhorov

    Last Updated Jan 3, 2022 @ 11:01

    DPK’s presidential candidate – Lee Jae-myung – plans to issue NFTs depicting his image to fuel his political campaign.

    The ruling political party of South Korea – The Democratic Party of Korea (DPK) – will reportedly roll out non-fungible tokens for fundraising in a presidential election. The collectibles will depict Lee Jae-myung’s image (DPK’s candidate for president) and serve as a bond allowing holders to exchange the NFTs with other individuals.

    NFTs Fueling Presidential Campaign

    According to a January 3 report by The Korea Times, the initiative will start later this month. Assuming the DPK issues the non-fungible tokens, it will become the world’s first political party to employ digital collectibles for such a cause.

    “Our presidential candidate is also preparing for fundraising using NFTs,” a lawmaker member of the ruling party confirmed.

    The DPK also emphasized that fundraising using NFTs does not violate the Political Funds Act or the Public Official Election Act. Rep. Lee Kwang-jae revealed that the officials have thoroughly discussed the matter with government institutions over the past eight months.

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

    The South Korean presidential election is set for March 9, 2022, as the DPK’s candidate is the 57-year-old member of the party – Lee Jae-myung. The move is considered to win some of the young Koreans’ votes, specifically those in their 20s and 30s – among the most active individuals in the cryptocurrency space.

    During a recent interview, Lee Jae-myung opined that South Korea should lead the global trend and embrace non-fungible tokens and digital assets at a higher level.

    ADVERTISEMENT

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

    Rep. Lee Jae-myung, Source: The Korea Held
    Lee 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 – revealed his intentions to receive campaign donations in cryptocurrencies.

    The initial assets will be the two largest by market capitalization – Bitcoin (BTC) and Ether (ETH), as well as a few local tokens. If realized, the politician will become the first in his field to accept cryptocurrencies for campaign finance.

    The lawmaker’s office explained that it first intends to receive 10 million won (around $8,400) worth of cryptocurrencies, with a 1 million won ($840) limit set for each contributor.

    Additionally, Rep. Lee Kwang-jae plans to issue non-fungible tokens as a receipt for such contributions starting from mid-January this year.

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    Tags: Non-Fungible Token (NFT) South Korea
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    About The Author

    Dimitar Dzhondzhorov
    More posts by this author

    Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

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