Lee Jae-Myung, a former civil rights attorney and South Korean politician, will accept cryptocurrency donations for his presidential campaign.
In July 2021, Lee announced his desire to run for President. On October 10, 2021, he was elected as the Democratic Party of Korea’s presidential candidate.
When donating money to Lee’s campaign in Bitcoin, Ether, or one of the other three cryptocurrencies under consideration, donors get an NFT.
Lee intends to pique the interest of young voters who have expressed a desire to learn more about digital currency.
Lee’s photographs and election pledges will be included on the NFT receipt. The blockchain on which the NFTs will be minted is unknown.
The gaming industry will benefit from NFTs
Donors will get NFTs via email, and the cryptocurrency will be swapped for cash through a controlled exchange.
A contribution account will be established using the fiat currency. Holders of the NFTs will be able to “swap their digital assets” with others, similar to how they would with a bond.
“The donations will be managed in conformance with the Public Official Election Act and the Guidelines on Management of Political Funds,” Lee said. Lee will be the first politician in the world to use NFTs to fund his campaign.
Park Young-sun, who oversees the Democratic Party’s election campaign committee’s digitization initiatives, also expressed support for the party’s crypto-friendly policies.
She sent an NFT that was tied to a Facebook post she made in 2018 opposing the closure of cryptocurrency exchanges.
She will meet with officials from the gaming sector next week to discuss how NFTs might help the country’s gaming industry grow.
How well-known is cryptocurrency in South Korea?
Micropayments have grown in popularity as a result of faster internet connections and more reliable communications infrastructure, particularly in gaming.
South Korea has seen a surge in cryptocurrency awareness. According to a survey conducted in 2021, 40.4% of 1885 workers had made bitcoin investments.
Korean employees aged 20 to 39 account for 86.9% of all cryptocurrency owners polled.
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