South Korean presidential candidate looks to raise funds via NFT

South Korean presidential candidate looks to raise funds via NFT
DPK presidential candidate – Lee Jae-myung – plans to issue NFTs featuring his image to fuel his political campaign. South Korea’s ruling political party, the Democratic Party of Korea (DPK), will reportedly introduce non-convertible tokens for fundraising in the presidential election. The collectible items will feature the image of Lee Jae-myung (DPK’s presidential candidate) and will serve as a bond allowing holders to exchange NFTs with others.

Presidential campaign driving NFT

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

Our presidential candidate is also preparing to raise funds using NFT,” confirmed a member of the ruling party’s legislature.

The DPK also stressed that fundraising using the NFT does not violate the Political Funds Act or the Public Elections Act. MP – Lee Kwang-jae – revealed that officials have been thoroughly discussing the matter with government institutions over the past eight months.

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

Cryptocurrencies accepted as political donations

Last week, MP Lee Kwang-jae – another member of the Democratic Party of Korea – revealed his intentions to receive campaign donations in cryptocurrencies.

Donations will be accepted in the two largest cryptocurrencies by market capitalisation, namely Bitcoin (BTC) and Ether (ETH), as well as several local tokens. The law firm explained that it first intends to collect cryptocurrencies worth 10 million won (about $8,400), with a limit of 1 million won ($840) for each contributor.

Additionally, MP Lee Kwang-jae plans to issue non-convertible tokens (NFTs) as a receipt for such contributions.

06/01/2022 – Mr.Advice NEWS

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