South Korea’s top presidential candidate will accept Bitcoin and Ether as campaign contributions.
Lee Jae-myung, South Korea top presidential candidate for the progressive Democratic party, will also be the first presidential nominee in the world to issue NFTs.
According to The Korea Times, South Korean politician Lee Jae-myung who has formally became the nominee for the progressive Democratic party in October, would take Bitcoin and Ethereum, as well as three additional cryptocurrencies yet to be determined by his election committee.
This month, Lee’s cryptocurrency-savvy fans will be able to contribute to the campaign. According to the article, every contributed cryptocurrency would be converted to cash through a local exchange.
Non-fungible tokens are also part of the maverick politician’s cryptocurrency fundraising strategy. Donors to Lee’s campaign will receive an NFT receipt that includes the candidate’s portrait as well as his campaign pledges.
As a result, the former governor of Gyunggi province has become the first presidential contender in history to issue NFTs.
Lee’s bitcoin campaign is part of his effort to appeal to younger people. According to a November study, 40.5% of respondents between the ages of 20 and 40 have invested in cryptocurrencies.
Last month, during a speech at Seoul National University, he stated that he wants South Korea to drive the global bitcoin scene, calling cryptocurrency an “undeniable reality.”
Lee also advocated deferring cryptocurrency taxation until next year while expanding deduction limitations.
According to the most recent pre-election survey, released on January 1, Lee holds a 4.6% advantage against Yoon Suk-yeol, the conservative People Power Party nominee.
The presidential election is set for March 9, 2022.
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