Tuesday, February 7, 2023
    HomeBitcoinSouth Korea’s Presidential Candidate Lee Jae-Myung Says 'Yes' to Crypto Donations

    South Korea’s Presidential Candidate Lee Jae-Myung Says ‘Yes’ to Crypto Donations


    For the primary time in South Korea’s political dispensation, certainly one of its presidential candidates, Lee Jae-Myung, has introduced that his marketing campaign will settle for crypto property as donations. 

    Leaning In the direction of Crypto

    It appears the folks of South Korea are incessantly embracing cryptocurrency because the mania continues to engulf its residents. 

    Just lately, a presidential candidate of the Democratic Social gathering of Korea, Lee Jae-Myung, and his marketing campaign workplace introduced that his marketing campaign can be open to crypto donations. The crypto neighborhood has hailed this transfer as a game-changer because it has elevated the recognition of politicians.

    Per accessible info, donations can solely be made in chosen crypto property, and donors would obtain an NFT in return for each donation made in crypto property. These NFTs would have the image of the politician alongside his marketing campaign guarantees.

    It was additionally revealed that the crypto donations can be later transformed into fiat currencies utilizing an unnamed crypto trade and deposited into the official contribution account.

    Talking on the credibility of collating and processing crypto donations, Lee Kwang-Jae of the marketing campaign committee reiterated that “the donations will likely be managed in compliance with the Public Official Election Act and the Tips on Administration of Political Funds.”

    Moreover, Park Younger-Solar of the Democratic Social gathering shared her ideas on Lee’s crypto marketing campaign donations which she attributed to the celebration’s crypto-friendly insurance policies. Because the celebration’s digitization coverage head, she will likely be assembly with gaming sharks subsequent week to debate the fusion of NFT and the gaming trade in South Korea. 

    South Korea’s Stance In the direction of Crypto

    In 2021, South Koreans have been a type of who massively adopted cryptocurrency. 

    A survey within the nation revealed that 40.4% of 1885 staff have been buyers in cryptocurrency. It was additional said that these staff have been between the ages of 20 and 39, round 87% of the surveyed inhabitants.

    Earlier than the survey, the South Korean Nationwide Meeting cracked down on the fast-growing crypto sector with new regulatory oversight legal guidelines forcing exchanges to impose stricter KYC insurance policies.


    The introduced content material could embody the private 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 accountability on your private monetary loss.

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