South Korean presidential candidate to use NFTs to raise funds for campaign

Democratic Celebration (DP) presidential candidate Lee Jae-myung prepares to make use of nonfungible tokens (NFTs) to lift funds for his marketing campaign. 

The social gathering will challenge NFTs to those that donate cash for the marketing campaign for the upcoming presidential elections. The NFTs will include photographs of the candidate and his pledges.

In an interview with Yonhap Information, marketing campaign official Kim Nam-kook mentioned the social gathering is doing this to attraction to the youthful era.

“Because the younger era of their 20s and 30s are all for rising applied sciences, together with digital belongings, NFTs and the metaverse, this sort of fundraising may attraction to them,” mentioned Nam-kook.

The DP additionally factors out that it’s exploring new methods to make the most of new applied sciences, together with utilizing NFTs in campaigns and accepting crypto donations.

Only recently, one other member of the DP additionally announced that he could be accepting donations in crypto. Consultant Lee Kwang-jae talked about that he would take crypto donations in mid-January.

“It’s excessive time that we undertake modern experiments to boost our understanding of those future applied sciences and alter perceptions of digital currencies and NFTs,” wrote Lee.

Except for this, Lee underscored that politicians needs to be leaders in embracing digital transformation. He famous that insurance policies and legal guidelines fail to catch as much as digital developments.

Associated: Korean authorities tells Apple and Google shops to take down P2E video games

In the meantime, the South Korean Monetary Providers Fee introduced again in early November that NFTs wouldn’t be regulated. Nonetheless, a couple of weeks later, the FSC backpedaled by saying that NFTs could be taxable in January 2022.

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The regulation modification would require a 20% tax fee on digital asset earnings that goes above 2.5 million received ($2,100). Nonetheless, the implementation of the tax was delayed for one yr as a result of flaws identified by the DP.

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