South Korean Presidential Nominee Will Use NFTs To Raise Funds

The South Korean Presidential candidate Lee Jae-Myung will use NFTs to raise funds for his campaign hoping to appeal to millennials as we are reading more today in our latest cryptocurrency news.

The South Korean Presidential nominee prepares to use the NFTs to raise funds for his campaign. The Democratic Party will issue NFTs to those that will donate money for the campaign for the upcomign presidential elections and the NFTs will contain images of the candidate and his pledges. In an interview with local news, campaign official KimNam-kook said that the party will do this to appeal to the younger generation:

“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them.”

The Democratic Party also pointed out that it is exploring new ways to utilize new technologies, including NFTs, and using them in campaigns as well as accepting crypto donations. Recently, another member of the Democratic Party announced that he will be accepting donations in crypto. The representative Lee Kwang-Jae noted that he will take crypto 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.”

 

 

Aside from this, Lee underscored that the politicians should be leaders in embracing digital transformations and noted that the policies and laws fail to catch up to the digital developments. In the meantime, the South Korean Financail services Commission announced that NFTs would not be regulated but a few weeks later, the FSC announced that NFTs will be taxable in January 2022. The law amendment will require a 20% tax payment on the digital asset income which will go above 2.5 million won but the implementation of the tax was delayed for one year because of flaws pointed out by the party.

As recently reported, Keeping in mind it is an experimental proejct, the lawmaker’s office said it intends to receive 10 million won worth of crypto with a 1 million won limit set for every contributor. The donated assets will be converted into cash at a local digital asset trading venue and they will be employed in accordance with the political finance regulations. Lee’s office warned that because of the increased volatility of the crypto industry, the actual value of the donation could be different when converted into fiat. This could result in tax deduction amounts that differ from people’s expectations when conducting year-end tax settlements.