For the first time in South Korea’s political dispensation, one of its presidential candidates, Lee Jae-Myung, has announced that his campaign will accept crypto assets as donations.
Leaning Towards Crypto
It seems the people of South Korea are incessantly embracing cryptocurrency as the mania continues to engulf its citizens.
Recently, a presidential candidate of the Democratic Party of Korea, Lee Jae-Myung, and his campaign office announced that his campaign would be open to crypto donations. The crypto community has hailed this move as a game-changer as it has increased the popularity of politicians.
Per available information, donations can only be made in selected crypto assets, and donors would receive an NFT in return for every donation made in crypto assets. These NFTs would have the picture of the politician alongside his campaign promises.
It was also revealed that the crypto donations would be later converted into fiat currencies using an unnamed crypto exchange and deposited into the official contribution account.
Speaking on the credibility of collating and processing crypto donations, Lee Kwang-Jae of the campaign committee reiterated that “the donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds.”
Additionally, Park Young-Sun of the Democratic Party shared her thoughts on Lee’s crypto campaign donations which she attributed to the party’s crypto-friendly policies. As the party’s digitization policy head, she will be meeting with gaming sharks next week to discuss the fusion of NFT and the gaming industry in South Korea.
South Korea’s Stance Towards Crypto
In 2021, South Koreans were one of those who massively adopted cryptocurrency.
A survey in the country revealed that 40.4% of 1885 workers were investors in cryptocurrency. It was further stated that these workers were between the ages of 20 and 39, around 87% of the surveyed population.
Before the survey, the South Korean National Assembly cracked down on the fast-growing crypto sector with new regulatory oversight laws forcing exchanges to impose stricter KYC policies.
- Goldman Sachs Says Mainstream Crypto Adoption Not Enough to Boost Bitcoin (BTC) Price
- Fidelity Eyes for ETFs Tied to Metaverse After the SEC Rejects Its Spot Bitcoin ETF
- Rio De Jeneiro’s Mayor Reveals 1%Of Its Treasury Reserves Will Be Poured Into Cryptocurrencies
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?