South Korea’s presidential candidate Lee Jae-Myung says ‘yes’ to crypto donations

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For the first time in South Korea’s political regime, one of its presidential candidates, Lee Jae-Myung, announced that his campaign would accept crypto assets as donations.

Lean towards crypto

It seems the South Korean people are endlessly embracing cryptocurrency as the craze continues to engulf its citizens.

Recently, Democratic Party of Korea presidential candidate Lee Jae-Myung and his campaign office announced that his campaign would be open to crypto donations. The crypto community hailed the move as a game changer as it increased the popularity of politicians.

According to the information available, donations can only be made in selected crypto assets, and donors would receive an NFT in exchange for each donation made in crypto assets. These NFTs would have the politician’s photo next to his campaign pledges.

It was also revealed that the crypto donations would then be converted into fiat currencies using an unnamed crypto exchange and deposited into the official contribution account.

Speaking on the credibility of collecting and processing crypto donations, Lee Kwang-Jae of the campaign committee reiterated that “donations will be managed in accordance with the Civil Servants Elections Act and Fund Management Guidelines. policies “.

Additionally, Park Young-Sun of the Democratic Party shared her thoughts on Lee’s crypto campaign donations that she attributed to the party’s pro-crypto policies. As the party’s digitization policy official, she will meet with Gaming Sharks next week to discuss the merger of NFT and the South Korean gaming industry.

South Korea’s stance on crypto

In 2021, South Koreans were among those who adopted cryptocurrency overwhelmingly.

A survey conducted in the country found that 40.4% of the 1,885 workers were cryptocurrency investors. It was further stated that these workers were between 20 and 39 years old, or about 87% of the surveyed population.

Ahead of the investigation, the South Korean National Assembly cracked down on the fast-growing crypto industry with new regulatory oversight laws forcing exchanges to impose more stringent KYC policies.

Warning

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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