In an effort to appeal to millenials, Democratic Party presidential candidate Lee Jae-myung is planning to use NFTs to gather donations for his campaign.
Lee Jae-myung, a presidential candidate for the Democratic Party (DP), is preparing to raise funding for his campaign using nonfungible tokens.
Those who donate money to the party’s campaign for the forthcoming presidential elections will receive NFTs. Images of the candidate and his pledges will be included in the NFTs.
Campaign official Kim Nam-kook told Yonhap News that the party is doing this to appeal to the younger generation.
The DP also says it’s looking into new methods to use new technologies, such as using NFTs in campaigns and accepting cryptocurrency donations.
Another member of the DP just indicated that he would take cryptocurrency donations. Representative Lee Kwang-jae stated that he will begin accepting cryptocurrency donations in mid-January.
“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” wrote Lee.
Aside from that, Lee stressed the importance of politicians taking the lead in embracing digital transformation. He pointed out that legislation and laws are lagging behind technological advancements.
In the meanwhile, the Financial Services Commission of South Korea announced in early November that NFTs would not be regulated. However, the FSC reversed course a few weeks later, saying that NFTs will become taxable in January 2022.
The modification to the law will impose a 20% tax on digital asset revenue over 2.5 million won ($2,100). However, due to problems identified by the DP, the tax’s implementation was postponed for a year.
