South Korean presidential candidate to use NFTs to raise funds for campaign – ZellaNews


Democratic Party (DP) presidential candidate Lee Jae-myung prepares to use nonfungible tokens to raise funds for his campaign. 

The social gathering will challenge NFTs to those that donate cash for the campaign for the upcoming presidential elections. The NFTs will include photos of the candidate and his pledges.

In an interview with Yonhap News, campaign official Kim Nam-kook mentioned the social gathering is doing this to enchantment to the youthful era.

“As the younger era of their 20s and 30s are all in favour of rising applied sciences, together with digital belongings, NFTs and the metaverse, such a fundraising may enchantment to them,” mentioned Nam-kook.

The DP additionally factors out that it’s exploring new methods to make the most of new applied sciences, together with utilizing NFTs in campaigns and accepting crypto donations.

Just not too long ago, one other member of the DP additionally introduced that he can be accepting donations in crypto. Representative Lee Kwang-jae talked about that he would take crypto donations in mid-January.

“It is excessive time that we undertake progressive experiments to improve our understanding of those future applied sciences and alter perceptions of digital currencies and NFTs,” wrote Lee.

Aside from this, Lee underscored that politicians must be leaders in embracing digital transformation. He famous that insurance policies and legal guidelines fail to catch up to digital developments.

Related: Korean authorities tells Apple and Google shops to take down P2E video games

Meanwhile, the South Korean Financial Services Commission introduced again in early November that NFTs wouldn’t be regulated. However, a couple of weeks later, the FSC backpedaled by asserting that NFTs can be taxable in January 2022.

The legislation modification would require a 20% tax cost on digital asset earnings that goes above 2.5 million received ($2,100). However, the implementation of the tax was delayed for one 12 months due to flaws identified by the DP.


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