Presidential candidate in South Korea to boost funds for cryptocurrencies, problem NFTs

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Lee Jae-myung, who was nominated by the ruling party in South Korea for the upcoming presidential election this spring, is preparing to raise funds in cryptocurrencies and issue non-fungible tokens for supporters. His campaign hopes the initiative will woo young and tech-savvy Korean voters whose interest in digital assets is growing.

The ruling party of South Korea collects crypto funds for the presidential run

The Democratic Party of Korea, the country’s leading political force, will raise voting funds through cryptocurrency and issue receipts in the form of non-fungible tokens (NFTs) to donors, Korean media reported on Sunday. The money will be used to finance the election campaign of the party’s presidential candidate Lee Jae-myung.

Bitcoin (BTC), Ethereum (ETH) and up to three other cryptocurrencies are currently being considered. The final list of coins to be accepted will be announced in mid-January, the committee leading Lee’s run reveals, as quoted by the Korean Herald and the Yonhap News Agency.

The NFTs will be showing photos of the candidate and his or her election pledges to those donating to the fundraising campaign for the March 9th presidential election. The tokens are intended to serve as a new medium for communication with younger voters, especially the generation of digital natives. Campaign official Kim Nam-kook stated:

With the younger generation in their 20s and 30s interested in new technologies, including virtual assets, NFTs, and metaverse, this type of fundraising might be attractive to them.

The reports note that the Democratic Party has been researching ways to accept cryptocurrency donations and issue NFT receipts to highlight their bet on technology and attract millennials. Lee Kwang-jae, who heads the Future Economics Committee on the campaign team, said the DP was told by the National Electoral Commission that by accepting crypto it was not violating any electoral law.

Legislators announced on Thursday that they would begin accepting digital coins from supporters themselves. “With politics we should break the rules and encourage new industries like Metaverse and NFT and give hope to the young,” said Lee Kwang-jae.

Party officials claim that if Lee Jae-myung’s initiative succeeds, he will be the world’s first candidate to issue NFTs as part of an effort to fund a presidential run. The non-fungible tokens that represent political memorabilia could also have future value and serve as an investment for the donors. The donated digital money will be converted into Korean won via a crypto exchange and then deposited into the campaign’s account.

Tags in this story

Campaign, committee, crypto, crypto donations, cryptocurrencies, cryptocurrency, democratic party, donation, donations, election, fundraising, funds, korea, korean, nft, NFTs, non-fungible tokens, party, presidential campaign, presidential election, presidential candidate, south korea, south korean , Tokens

Do you expect more Korean politicians to start accepting cryptocurrency donations? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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