The presidential candidate of South Korea, Lee Jae-Myung of the Democratic Party (DP), is planning to raise funding for his campaign using NFTs in a unique way.
According to sources, anyone who donates money to the campaign would receive NFTs from the party as the campaign gains traction ahead of the upcoming presidential elections. These NFTs will, as far as we can tell, contain photographs of the candidate and his pledges.
DP aims younger generation of South Korea
The move was made to appeal to the younger generation of South Korea, as expected. This was confirmed by Kim Nam-kook, a campaign official, who said the same thing in an interview with Yonhap News. He asserts:
“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them.”
Apart from adopting NFTs for campaigns, the DP is also exploring ways to incorporate other emerging technology, such as taking crypto donations.
Politicians and leaders, according to Representative Lee Kwang-Jae, should set an example by changing their views regarding NFTs and virtual money and embracing digital revolutions.
Lee said that the existing policies are still a long way behind how far digital advancements have progressed, so there is a lot of catching up to be done in that sense.
Interestingly, South Korea’s presidential candidate’s choice to use NFTs in his campaign coincides with some regulatory uncertainties.
As TheCoinRise reported, the South Korean Financial Services Commission (FSC) announced in November that it would not regulate NFTs. However, the regulator reversed its decision only a few weeks later, declaring that NFTs would be taxed by January 2022, resulting in a wave of confusion among citizens.
Meanwhile, any digital asset income exceeding 2.5 million won ($2,100) will be subject to a 20% tax under the new law. However, due to problems identified by the DP, the crypto tax implementation has been postponed for a year.