South Korea’s ruling political party – the Democratic Party of Korea (DPK) – is reportedly deploying non-fungible tokens for fundraising in a presidential election. The collectibles will represent the image of Lee Jae-myung (DPK candidate for president) and will act as a deposit allowing the holders to exchange the NFTs with other people.
NFTs fuel the presidential campaign
According to a Korea Times article from Jan.3, the initiative will begin later this month. Assuming the DPK issues the non-fungible tokens, it will become the first political party in the world to use digital collectibles for such a cause.
“Our presidential candidate is also preparing to raise funds using NFT,” a ruling party MP confirmed.
The DPK also pointed out that fundraising using NFT does not violate the Political Funds Act or the Civil Servant Elections Act. Representative Lee Kwang-jae revealed that officials have discussed the matter extensively with government institutions over the past eight months.
“Donations will be managed in accordance with the Law on the Election of Civil Servants and the Guidelines on the Management of Political Funds,” he added.
South Korea’s presidential election is set for March 9, 2022, as the DPK candidate is 57-year-old party member Lee Jae-myung. The move is said to win some of the votes of young Koreans, especially those in their 20s and 30s – among the most active individuals in the cryptocurrency space.
In a recent interview, Lee Jae-myung said South Korea should lead the global trend and take non-fungible tokens and digital assets to the next level.
“If we deny what really exists, it will be like an isolationist foreign policy,” the presidential candidate concluded.
Cryptocurrencies accepted as political donations
Last week, Representative Lee Kwang-jae – another member of the Democratic Party of Korea – revealed his intention to receive campaign donations in cryptocurrency.
The initial assets will be the two largest in terms of market capitalization – Bitcoin (BTC) and Ether (ETH), along with a few local tokens. If achieved, the politician will become the first in his field to accept cryptocurrencies for campaign finance.
The lawmaker’s office explained that it initially intended to receive 10 million won (approximately $ 8,400) in cryptocurrency, with a limit of 1 million won ($ 840) set for each contributor.
Additionally, Representative Lee Kwang-jae plans to issue non-fungible tokens as received for these contributions starting in mid-January of this year.
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