NFT to Fund Presidential Campaign in South Korea
South Korea is looking for new ways to fund their presidential campaign amid cryptocurrency regulatory chaos, according to a report.
Presidential candidate of the ruling Democratic Party of Korea (DPK) in South Korea, Lee Jae-myung, announced that he will use cryptocurrency investments as a core part of his election campaign
To get funding & to reach the masses, Lee will issue tokens to his supporters who will donate money to his campaign. These are non-fungible tokens that are similar in function to rewards points.
DPK will seem like they are posting digital images to campaign donors, according to Korea Times. DPK officials say the changes should come into effect starting this month.
These non-fungible tokens are a sort of security against other people in the trade. They can be traded to anyone in exchange for a new NFT, and they help make Lee's campaign possible.
According to NEC, the use of NFTs to raise funds does not violate the National Political Funds Law or the Civil Servant Elections Law.
A DPK lawmaker said they will start accepting cryptocurrency donations from January onwards. The receipts for these donations will be in the form of non-fungible tokens (NFT).
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