However, the competition is narrowed down to the two NFT-friendly candidates:Yoon Suk-yeol and Lee Jae-myung. Both have no parliamentary experience.
However,Lee Jae-myungdoes have political experience, having been mayor of Seongnam and governor of Gyeonggi province. His political offer aims to introduce a universal basic income and to maintain a conciliatory foreign policy with North Korea.
The conservative People Power Party chose former prosecutorYoon Suk-yeol, who has become a celebrity for hisfight against corruption. Despite the fact that the election campaign has suffered several unforeseen events, including the involvement of a shaman, it may please the electorate that wantsNorth Korea to become denuclearizedand have more secure borders.
The scenario is quite unpredictable.
Lee Jae-myung, the candidate from the ruling Democratic Party of Korea (DPK) for the March 2022 presidential election, is taking the cryptocurrency route by issuing non-fungible tokens (NFTs) to those who donate to his election campaign.
In order to gain funding and popularity among the masses, especially the younger generation, the DPK will be issuing digital images featuring Lee and his policies to campaign donors starting this month, Korea Times reported the party officials as saying. This push also includes advocacy for digital assets and NFTs.
“With politics, we should break the regulations and foster new industries such as metaverse and NFT and give hope to the young people,” Lee Kwang-jae said last week.
A DPK lawmaker also said recently, that they will also accept donations in crypto and will issue NFTs as receipts for these donations.
His main contender, the other candidateLee Jae-myung, a member of the Democratic Party, like incumbent President Moon Jae-in, had already launched his collection of NFTs both to raise funds and to bring younger people closer to politics. Basically, he accepteddonations in cryptocurrencyandthose who donated received NFTsdepicting him in return.
NFTs in election campaigns
The Korean case is not the only one.
In the United States, congressional candidateShrina Kuranidecided touse NFTs in her election campaign, with the aim of demonstrating that the crypto space is not just about crime-related activities.
Elections in South Korea
Returning to South Korea, the presidential elections are close:voting takes place on 9 Marchand there are 14 candidates contending for the role of head of state.
According to a recent survey in Korea, some 40.5 % of people between the ages of 21 and 40 said they had invested in cryptocurrencies.
At the same time, Jae Myung has long been considered very supportive of cryptocurrencies. In November, he said in an interview that cryptocurrencies are an “undeniable reality”, which is “recognised by many people as a means to exchange and store value”.
He also added how the trading volume on South Korea’s cryptocurrency market had already surpassed that of the KOSPI stock market.
Crypto trading in South Korea
Last summer, the volume of crypto transactions in the country had reached $14.6 billion compared to $14.5 billion for KOSPI. The Korean cryptocurrency market is considered the third largest in the world.
His constituents are set to receive their first render in Bitcoin soon, thanks to the city ’ s own cryptocurrency called Miami Coin. But it ’ s not only advocates that use Bitcoin and other crypto when it suits them.
Russia, a well-known crypto skeptic that teeters on banning Bitcoin every few months, considers replacing its USD reserves, or at least a part thereof, with cryptocurrencies like Bitcoin. “ Politicians doing politician stuff ” one may say, but you know it ’ s serious when even the most mighty circles start using it.
Crypto has become a key issue in the run-up to the South Korean presidential election – with shots firing in all directions as politicians hunt for votes.
As previously reported, the ruling Democratic Party nominee Lee Jae-myung has already pledged to unpick crypto tax law to delay the imposition of a controversial 20% levy on crypto trading profits from January 2022 to 2023 at the earliest. His main opponent from the People’s Power Party has also promised to delay the law.
But now Lee Jae-myung has ramped up the stakes – by suggesting that his party is “seriously considering the notion of” creating a cryptoasset and handing tokens out to the entire nation.
On November 11, Lee attended a “Youth Talk on Cryptoassets” event, where MBN quoted him as stating:
“We need to create a foundation for issuing and circulating virtual assets that are recognized around the world.
NFTshave become majorplayers in South Korea’s presidential election race. Even candidateYoon Suk-yeolhas launched his own collection.
Yoon Suk-yeol launches NFTs for the South Korean elections
Korean Conservative Party candidateYoon Suk-yeolhas launched a specialcollection of NFTsin the hope of appealing to young people in particular.
According toreports, Yoon has launched 4,000 NFTs representing him, minted on the Aergo Blockchain, and now for sale on the CCCV marketplace withprices starting at around $40.
In reality, more than22,000 of these NFTsare expected to be released in total.
Cryptocurrenciesare officially entering the race for the upcoming presidential election to beheld on 9 March in South Korea.
The progressive candidate, governor of Gyeonggi Province,Lee Jae Myung, who is running for the Democratic Progressive Party has announced that he will alsoaccept payments in cryptocurrencies to finance his campaign.
South Korea elections, pro-cryptocurrency candidate
The governor added that those who finance his campaign will receive in returnan image of him as an NFTwith election promises. This will make him thefirst politician to issue NFTs in history.
According to many, Lee’s move is aimed atwinning favour with the younger population.
Last week, Representative Lee Kwang-jae – another member of the Democratic Party of Korea – revealed his intention to receive campaign donations in cryptocurrency.
The initial assets will be the two largest by market capitalization – Bitcoin (BTC) and Ether (ETH), as well as a few local tokens. If realized, the politician will become the first in his field to accept cryptocurrencies for campaign finance.
The lawmaker’s office explained that it initially intended to receive 10 million won (approximately $ 8,400) in cryptocurrency, with a limit of 1 million won ($ 840) set for each contributor.
That is causing an outflow of national wealth,” he said.
But his declaration drew ire from opposition lawmakers – particularly the People’s Power Party President Lee Jun-seok, who wrote on social media that it would be better to issue a “Lee Jae-myung nonsense non-fungible token (NFT)” – as such a token would at least be “fun and will have market value.”
Lee Jun-seok, bristled:
“Nominee Lee is ultimately stating: ‘If I take power, I will destroy the country.’”
Lee Jun-seok added that any attempt by the government to create its own token would involve a “nonsensical whitepaper” and would ultimately be classified as a “jobcoin” (Korean crypto argot for “shitcoin”).
Meanwhile, on the issue of tax, the government has insisted it will not budge on the matter and wants to go ahead with a January 2022 launch as planned.
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