- Lee Jae-Myung, the presidential candidate of South Korea’s ruling Democratic Party of Korea (DPK), is said to have intended to include cryptocurrency in his election campaign.
- Lee will issue non-fungible tokens (NFTs) to supporters who give money to his political campaign in order to raise funds and acquire popularity among the general public.
Yoon Suk-yeol, the bourgeois presidential campaigner in South Korea ’ s March 9 election, handed out non-fungible tokens ( NFTs ) with images and videos of himself on Monday in an effort to entice younger voters in the last stages of his campaign .
On the Aergo blockchain, Yoon has created at least 4,000 NFTs, which were on sale on Monday for 50,000 korean succeed ( US $ 40.78 ) each on the south korean NFT marketplace CCCV .
Both Yoon and Lee have promised to make crypto-friendly policy changes, including lifting a municipal bachelor of arts in nursing on initial mint offerings ( ICOs ) that has been in effect since 2017.
Pledge to reform the law
According to the results of the most holocene Gallup Korea presidential election survey. Yoon, of course, leads the raceway with a 39 percentage approval rate. That ’ s despite the fact that Democratic Party campaigner Lee Jae-Myung is conclude behind with 38 % .
Yoon ’ s leftist opposition, Lee, used the same scheme last month to reach younger voters in their twenties. then, in his twenties and thirties, he began airdropping his own NFTs to campaign donors .
Both Yoon and Lee have pledged to reform the law to make it more crypto-friendly. As an example, a municipal prohibition on initial mint offerings ( ICOs ) that has been in place since 2017 has been lifted .
Mailing digital images of Lee’s portraits
NFTs are digital collectibles based on the blockchain net that are typically inspired by music, artwork, or television game avatars, among other things .
A DPK member recently said that cryptocurrency donations will be allowed starting in mid-january. NFT pieces will be distributed as receipts for these donations, according to Lee Kwang-Jae.
Read more: Minting COIN: principles and imperatives for combating insurgency – Document – Gale Academic OneFile
According to DPK executives, the DPK will begin mailing digital images of Lee ’ s portraits and policies to campaign contributors starting this calendar month .
According to Seoul ’ s National Election Commission, using NFTs to produce funds does not violate the nation ’ mho Political Funds Act or the Public Official Election Act ( NEC ) .
Will South Korea regulate cryptocurrencies?
While crypto-related regulative issues have developed in South Korea, elements of the crypto community are engaged in presidential election campaigns is a welcome change of pace .
South Korea has been looking for measures to regulate cryptocurrencies in order to prevent the illegal usage of decentralized crypto assets .
In September 2021, the government passed a new law requiring crypto exchanges to register with the Financial Intelligence Unit and employment with banks to verify real-name accounts.
Read more: Minting COIN: principles and imperatives for combating insurgency – Document – Gale Academic OneFile
More than 60 bitcoin exchanges in South Korea have alerted users that trade services have been suspended in partially or solid .
Taxing and regulating NFTs has besides been a contentious matter of debate among south korean officials .
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