A South Korean congressman has announced plans to create a political donation platform for Bitcoin (BTC) and Ethereum (ETH) – with receipts issued as non-fungible tokens (NFT).Korean lawmakers will launch Bitcoin, ETH’s political donation platform.
According to the Yonhap news agency, the project is the brainchild of Lee Kwang-jae, a member of the ruling Democratic Party. South Korea will vote twice next year and advocacy has already started to intensify.
Lee and his office announced that their platform will go live in mid-January next year and are cited as follows:
“We are currently in the process of selecting a local wallet company to work with. We will publish the wallet address and details on our official channels on blog, Facebook and YouTube in early January. “
The report notes that this “will be the first time a domestic politician has declared his willingness to receive political support in the form of cryptocurrency”.
Yonhap also pointed out that in the United States, crypto-loving Republican Senator Cynthia Lummis previously accepted bitcoin donations through crypto payment service providers. Lee’s office said it was running the project as an “experiment” but plans to receive crypto donations of up to $ 8,400 before the March elections. The platform will limit individual crypto contributions to $ 840 per donor.
In addition to BTC and ETH, the platform will also be compatible with “two or three” Altcoins. However, Lee’s office has yet to decide what those coins will be. Yonhap noted that these coins “are expected to be selected from a pool of high-cap coins listed by domestic companies”.
Lee’s office said his foundation complies with the provisions of the Public Election Act and Rules for Managing Political Funds, Political Donation Protocols.
The office added that it will provide the public with details on how to apply KRW fiat tax deductions – as all political donations are deductible under Korean law.
Lee is quoted to explain:
“This is a time when innovative experimentation is needed to change the perception of virtual assets and NFT in the political spectrum. We have to improve our understanding of new technologies. “
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