the presidential candidate of the ruling party will distribute NFTs

In South Korea, presidential candidate turns to cryptos, NFTs

The Democratic Party of South Korea (DPK) is currently in power, and its presidential candidate Lee Jae-myung has shown interest for cryptocurrencies and non-fungible tokens (NFT). As reported local media Korea Times, it will accept campaign donations in several cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).

This is not a first, several political parties around the world having already chosen this method of financing. The novelty for the DPK is that NFTs will be distributed in exchange for these donations. Each person who donates crypto to the campaign will receive in exchange a non-fungible token in the form of an image of Lee Jae-myung, with a presentation of his political project.

πŸ‘‰ Also read – South Korea: taxation of cryptocurrency gains postponed to 2023

A legal maneuver, which will be democratized?

The institution that monitors South Korea’s campaign accounts confirmed: NFTs are considered as legal means of financing political campaigns. It took several months to validate this new mechanism, according to the presidential candidate:

For the past eight months we have been discussing of this issue with the National Elections Commission and other government institutions. Donations will be managed in accordance with [les lois en vigueur]. “

The positioning of the DPK seems in any case clear: it’s about integrating technologies, rather than banning them. This is a notable departure from the positioning of other high profile politicians, who elsewhere in the world are showing their teeth when it comes to cryptocurrency. According to Lee Jae-myung, it is simply a matter of recognizing a fundamental movement:

If we deny what really exists, it’s similar to an isolationist foreign policy.

It’s safe to predict that the NFT wave will eventually reach other politicians, especially if they see it as a way to fund their campaigns in a new way. Will we soon see NFTs in France bearing the image of our presidential candidates? It remains to be seen. The election in South Korea will take place on March 9.

πŸ‘‰ Read also – South Korea: Coinone will ban withdrawals to unverified external wallets

Image source: 경기도 λ‰΄μŠ€ 포털 via Wikimedia Commons (Korea Open Government License Type I)

Newsletter 🍞

Receive a recap of crypto news every Sunday πŸ‘Œ And that’s it.

About the Author : Marine Debelloir


Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to unearth the crispest information to share it with you.
All articles by Marine Debelloir.

Free subscription

Sing up for the weekly email from Coinews that makes reading the news actually enjoyable. Join us for free

Latest stories

You might also like...