A South Korean presidential candidate will be accepting Bitcoin donations for his 2022 campaign

The Democratic Party of Korea is looking to expand its wings in the crypto space by accepting crypto donations and supporting NFT in the gaming industry. Accordingly, South Korean politician Lee Jae-Myung’s presidential campaign will accept Bitcoin and Ethereum and three other cryptocurrencies not yet selected by his election committee.

a-south-korean-presidential-candidate-will-be-accepting-bitcoin-donations-for-his-2022-campaign

Ruling Democratic Party of Korea presidential candidate Lee Jae-Myung speaks during a conference on virtual assets at the National Assembly in Seoul in this November 2021 

Bitcoin to Be accepted as campaign contributions by South Korea’s top presidential candidate

Jae-Myung will accept cryptocurrency donations for his presidential campaign. Lee announced his intention to run for president in July 2021. He became the candidate of the Democratic Party of Korea on October 10, 2021.

Lee hopes to attract the interest of young voters who have shown an interest in digital currencies. Each sponsor of Lee’s campaign will receive an NFT when they raise money in Bitcoin, Ether, or one of the other three cryptocurrencies under consideration. The NFT receipts will contain a photo of Lee and fulfill his campaign pledge. It is unclear on which blockchain the NFTs will be minted. The NFTs will be emailed to donors, and the cryptocurrency exchanged for cash using a centralized exchange. The fiat currency will be deposited into the donation account.

Representative Lee Kwang-Jae from the campaign committee said,” The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds.” Lee Jae-Myung will be the first politician in the world to issue NFTs for campaign funding.

High internet speeds and robust telecommunications infrastructure have led to the popularity of micropayments, especially in games. Park Young-sun, head of digitization policies for the Democratic Party’s election campaign committee, also spoke about her suitability with the party’s crypto-friendly policies. She released an NFT linked to a Facebook message written in 2018 where she protested the closure of crypto exchanges. She will meet with representatives of the gaming industry next week to discuss promoting the nation’s gaming industry using NFT.

Interest in cryptocurrencies has flourished in South Korea. According to a 2021 survey, 40.4% of 1885 workers have invested in cryptocurrencies. South Korean workers aged 20-39 make up 86.9% of all crypto holders surveyed. South Korea also has a youth unemployment problem, and as of February, March, and April 2021, the unemployment rate is 10%. In addition, the National Assembly of Korea passed a new law in March 2020, laying the foundation for regulatory oversight of cryptocurrencies and exchanges, including anti-money laundering processes. This comes amid a surge in interest in cryptocurrencies during the Covid-19 pandemic.

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