Friday, December 9, 2022
    HomeNFTSouth Korean Presidential Candidate To Use NFTs To Raise Campaign Funds, Here's...

    South Korean Presidential Candidate To Use NFTs To Raise Campaign Funds, Here’s Why


    In fairly an uncommon method, South Korean presidential candidate Lee Jae-Myung of the Democratic Get together (DP), is about to boost funds for his marketing campaign utilizing nonfungible tokens (NFTs).

    In line with studies, those that donate cash for the marketing campaign could have NFTs issued again to them by the occasion, at the same time as momentum builds in anticipation for the upcoming presidential elections. As gathered, these NFTs will include the photographs of the candidate and his pledges.

    South Korean Presidential Candidate Seems to be To Join To The Youthful Facet of the Nation

    As anticipated, the transfer was to enchantment to the youthful facet of the South Korean populace. This was confirmed by marketing campaign official Kim Nam-kook when he stated the identical throughout an interview with Yonhap Information. He says:

    “Because the younger era of their 20s and 30s are serious about rising applied sciences, together with digital property, NFTs and the metaverse, this sort of fundraising might enchantment to them”

    Aside from the concept of utilizing NFTs for campaigns, the DP can also be in search of methods to combine different evolving applied sciences akin to accepting crypto donations.

    As if to say the occasion reached a consensus relating to crypto, one other DP member additionally announced lately, that he could be accepting crypto donations.

    Consultant Lee Kwang-Jae talked about that politicians and leaders ought to lead by instance by altering their views about NFTs and digital currencies, and embracing digital transformations.

    Lee additionally famous that existent insurance policies are nonetheless a far cry from how far digital developments have come, so there’s a variety of catching up that must be executed in that regard.

    Rules Round NFTs in South Korea Stay Unclear

    Curiously, the choice by the South Korean presidential candidate to make use of NFTs in his marketing campaign, comes amid some uncertainty with the regulatory authorities.

    Recall that again in November, the South Korean Monetary Companies Fee (FSC) announced that it could not be regulating NFTs. Nonetheless, it took only some weeks later for the regulator to return on its earlier choice, asserting that by January 2022, NFTs could be taxable.

    In the meantime, the brand new legislation would require a 20% tax cost on any digital asset earnings that exceeds 2.5 million received ($2,100). Nonetheless, the implementation of the tax was delayed for one yr on account of flaws identified by the DP.


    The introduced content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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