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 ready to lift funds for his marketing campaign utilizing nonfungible tokens (NFTs).

In response to stories, those that donate cash for the marketing campaign can have NFTs issued again to them by the celebration, 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 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 mentioned the identical throughout an interview with Yonhap Information. He says:

“Because the younger technology of their 20s and 30s are desirous about rising applied sciences, together with digital belongings, NFTs and the metaverse, one of these fundraising might enchantment to them”

Other than the concept of utilizing NFTs for campaigns, the DP can be in search of methods to combine different evolving applied sciences reminiscent of accepting crypto donations.

As if to say the celebration reached a consensus concerning crypto, one other DP member additionally announced just 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.

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

Laws 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) introduced that it could not be regulating NFTs. Nonetheless, it took only some weeks later for the regulator to return on its earlier choice, saying 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 revenue that exceeds 2.5 million gained ($2,100). Nonetheless, the implementation of the tax was delayed for one 12 months as a consequence of flaws identified by the DP.

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