The Democratic Party of Korea is looking to spread its wings in the crypto space by accepting crypto donations and supporting NFTs in the gaming industry.
South Korean politician and former civil rights lawyer Lee Jae-Myung will accept donations of cryptocurrency for his presidential campaign. Lee declared his intention to run for president in July 2021. He became the Democratic Party of Korea candidate on October 10, 2021.
Each donor to Lee’s campaign will receive an NFT when they donate in Bitcoin, Ether, or any other of the three cryptocurrencies under review. Lee hopes to spark the interest of young voters who have shown an interest in digital currencies. The NFT receipt will contain Lee’s photographs and carry his campaign promises. It is not known on which blockchain the NFTs will be hit. NFTs will be emailed to donors and the cryptocurrency will be exchanged for cash using a centralized exchange. The fiat currency will be deposited in a contribution account. NFTs will serve as a type of bond, where holders can “trade their digital assets” with others.
Campaign Committee Representative Lee Kwang-Jae said, “Donations will be managed in accordance with the Civil Servants Elections Act and Political Fund Management Guidelines.” Lee Jae-Myung will be the first politician in the world to issue NFTs for campaign finance.
Gaming industry to receive a boost from NFTs
Park Young-sun, who heads digitization policies for the Democratic Party’s campaign committee, also expressed his alignment with the party’s pro-crypto policies. She posted an NFT linked to a Facebook post written in 2018, where she opposed the shutdown of crypto exchanges. She will meet with gaming industry representatives next week to discuss strengthening the domestic gaming industry using NFTs. High internet speeds and robust telecommunications infrastructure have resulted in the popularity of micropayments, especially in games.
How popular is crypto in South Korea?
Interest in cryptocurrencies has flourished in South Korea. According to a 2021 survey, 40.4% of 1,885 workers had invested in cryptocurrency. Korean workers aged 20 to 39 make up 86.9% of all crypto holders surveyed. South Korea also has a problem with youth unemployment, and as of February, March and April 2021, its unemployment rate was 10%. Additionally, the South Korean National Assembly passed new laws in March 2020 that laid the groundwork for regulatory oversight of cryptocurrencies and exchanges, including anti-money laundering processes. This happened amid a surge in interest in cryptocurrencies during the Covid-19 pandemic.
What do you think of this topic? Write to us and tell us!
All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes with the information found on our website is strictly at his own risk.