Lee Jae-myung, who was nominated by the ruling party in South Korea to participate in the upcoming presidential election this spring, is preparing to raise funds in cryptocurrency and issue irreplaceable tokens for supporters. His campaign hopes that the plan will attract young and tech-savvy South Korean voters who are increasingly interested in digital assets.

South Korea’s ruling party raises crypto funds for presidential campaign

The Democratic Party of Korea, the country’s main political power, will raise election funds through cryptocurrency and issue receipts to donors in the form of irreplaceable tokens (NFT), South Korean media reported on Sunday. The money will be used to fund the campaign of the party’s presidential candidate Lee Jae-Ming.

Bitcoin (Bitcoin), Ethereum (Ethereum), up to three other cryptocurrencies are currently being considered. The Korea Herald and Yonhap News quoted news published by the campaign committee that manages Lee, and the final list of accepted coins will be announced in mid-January.

The NFT will show the candidate’s photos and his campaign promises to those who donated money for the March 9 presidential election. These tokens are expected to become a new medium for communicating with young voters, especially the digital native generation. Campaign official Jin Nanguo elaborated:

Since younger generations in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs, and Metaverse, this type of fundraising may appeal to them.

The report pointed out that the Democratic Party has been exploring ways to accept cryptocurrency donations and issue NFT receipts to highlight its bets on technology and attract millennial voters. Lee Kwang-jae, the head of the future economic committee of the campaign team, said that the National Election Commission told the Democratic Party that its acceptance of cryptocurrency did not violate any election laws.

On Thursday, the legislators Announce He began to take digital coins from supporters. “In politics, we should break the convention and cultivate new industries such as Yuan Festival and NFT, so as to give young people hope,” Lee Kwang Jae insisted.

Party officials claimed that if Li Zaiming’s initiative succeeds, he will become the world’s first candidate to issue an NFT as part of an effort to fund the presidential campaign. Irreplaceable tokens representing political souvenirs can also have future value and serve as donor investments. The donated digital currency will be converted into Korean won through the cryptocurrency exchange, and then deposited into the account of the event.

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Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.