Democratic Party (DP) Presidential candidate Lee Jae-myung plans to use the NFT to raise funds for his campaign to appeal to younger generations.
South Korean presidential candidate uses NFT for election campaign
DP Presidential candidate Lee Jae-myung will use NFT tokens to raise funds for his election campaign. The party will issue NFTs to those who donate money to the upcoming Presidential campaign. The NFT will contain an image of the candidate and his commitment.
In an interview with Yonhap News, campaign official Kim Nam-kook said the Party is doing this to appeal to the younger generation:
As millennials in their 20s and 30s are interested in emerging technologies, including digital assets, NFT and Metaverse, this type of fundraising is likely to appeal to them.
The DP also indicated that they are exploring new ways to use new technologies, including using NFT in campaigns and accepting crypto donations.
Recently, another member of DP has also announced that he will accept crypto donations, it was Representative Lee Kwang-jae who mentioned that he will be donating crypto in the middle of the year. January.
Lee writes that:
The time has come for us to do innovative experiments to advance our understanding of these new technologies and change the perception of crypto and NFTs.
Besides, Lee emphasized that politicians should be the leaders in accepting digital transformation. He noted that policies and laws have not kept pace with digital developments.
Meanwhile, the Korean Financial Services Commission announced back in early November that NFT would not be regulated. However, a few weeks later, the FSC announced that the NFT would be taxed in January 2022.
The amendment to the law will require payment of a 20% tax on income from digital assets in excess of 2.5 million Won (about $2,100). However, the implementation of the tax was delayed for one year due to errors pointed out by the DP.