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- Lee Jae-Myung, the presidential candidate of South Korea’s ruling Democratic Party of Korea (DPK), is said to have intended to include cryptocurrency in his election campaign.
- Lee will issue non-fungible tokens (NFTs) to supporters who give money to his political campaign in order to raise funds and acquire popularity among the general public.
Yoon Suk-yeol, the conservative presidential candidate in South Korea’s March 9 election, handed out non-fungible tokens (NFTs) with images and videos of himself on Monday in an effort to entice younger voters in the last stages of his campaign.
On the Aergo blockchain, Yoon has created at least 4,000 NFTs, which were on sale on Monday for 50,000 Korean won (US$40.78) apiece on the South Korean NFT marketplace CCCV.
Both Yoon and Lee have promised to make crypto-friendly policy changes, including lifting a municipal ban on initial coin offerings (ICOs) that has been in effect since 2017.
Pledge to reform the law
According to the results of the most recent Gallup Korea presidential election survey. Yoon, of course, leads the race with a 39 percent approval rating. That’s despite the fact that Democratic Party nominee Lee Jae-Myung is close behind with 38%.
Yoon’s left-wing opponent, Lee, used the same strategy last month to reach younger voters in their twenties. Then, in his twenties and thirties, he began airdropping his own NFTs to campaign donors.
Both Yoon and Lee have pledged to reform the law to make it more crypto-friendly. As an example, a municipal prohibition on initial coin offerings (ICOs) that has been in place since 2017 has been lifted.
Mailing digital images of Lee’s portraits
NFTs are digital collectibles based on the blockchain network that are typically inspired by music, artwork, or video game avatars, among other things.
A DPK member recently said that cryptocurrency donations will be allowed starting in mid-January. NFT pieces will be distributed as receipts for these donations, according to Lee Kwang-Jae.
According to DPK executives, the DPK will begin mailing digital images of Lee’s portraits and policies to campaign contributors starting this month.
According to Seoul’s National Election Commission, using NFTs to produce funds does not violate the country’s Political Funds Act or the Public Official Election Act (NEC).
Will South Korea regulate cryptocurrencies?
While crypto-related regulatory issues have developed in South Korea, elements of the crypto community are engaged in presidential election campaigns is a welcome change of pace.
South Korea has been looking for measures to regulate cryptocurrencies in order to prevent the illegal usage of decentralized crypto assets.
In September 2021, the government passed a new law requiring crypto exchanges to register with the Financial Intelligence Unit and work with banks to verify real-name accounts.
More than 60 bitcoin exchanges in South Korea have alerted users that trading services have been suspended in part or whole.
Taxing and regulating NFTs has also been a contentious matter of debate among South Korean officials.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
