South Korean politician collects funds in cryptocurrency for the election campaign

The upcoming elections will decide the fate of cryptocurrency in the country

05.01.2022 - 11:20

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1 min

What’s new? In South Korea, the campaign headquarters of Democratic presidential candidate Lee Jae-myung will be collecting donations in cryptocurrency. According to Forkast, all coins received will be converted into won and will be used to support the campaign.

The Forkast material

How is Lee Jae-myung’s election campaign going? The contributors will receive a reward in the form of an NFT for donations to the campaign fund. It will display the candidate's picture and his campaign promises. Lee Jae-myung has become the first presidential candidate to issue his own non-fungible token. By promoting the cryptocurrency, the candidate is targeting young voters. The latest poll shows Lee 4,6% ahead of his opponent.

How will Myung regulate cryptocurrency? The Democratic Party candidate has always been a strong supporter of blockchain technologies. He stated that cryptocurrencies have become an “undeniable reality” and an integral part of the lives of South Korean citizens, where digital assets are “recognized by many people as a means of trading and storing.” As part of his presidential campaign, Lee insisted on deferring taxes on cryptocurrency profits. The voters believe that if Myung wins the election, the adoption of cryptocurrency in the country will accelerate significantly.

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