Since the emergence of crypto, experts have noted that its use is endless. Cryptocurrency has been reported to be useful for cross-border payments, venture capital funding, investment purposes, and many other things. However, a certain man in South Korea seems to have also seen how crypto assets can play a vital role in raising funds for his campaign to become the President of South Korea.
The said man is Lee Jae-Myung, the presidential candidate of the Democratic Party of Korea, which is also the ruling party. According to the Democratic Party of Korea, Lee Jae-Myung's presidential bid will be financed in an innovative way which, when executed, will get to be the first time ever a Presidential candidate will offer NFTs in exchange for funds needed to bankroll the election campaign process.
How Do They Plan to Go About This?
According to the Democratic Party of Korea, crypto funds will be collected from donors who will get NFTs in exchange for their donations. In addition, the NFTs offered in exchange for the crypto funds will have photos of the party's presidential nominee, which has the prospects of having a good return on investment for donors in the future.
In the words of Kim Nam-kook, an election campaign official of the party,
"As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them."
This, the cryptocurrency donated will be converted using a cryptocurrency exchange company into Korean won, the official currency of South Korea. It should be noted that the acceptable coins for the donation are yet to be announced. However, cryptocurrencies such as Bitcoin, Ethereum, and a few others are currently being considered. However, Lee's campaign team has stated that the coins that will be accepted for the campaign will be announced before the end of January 2022.
Lee's financing mechanism for the South Korean Presidential Election coming up in March this year is commendable. It shows that the ruling party's presidential nominee is aware of how tech-savvy the young population in South Korea and leveraging on it is such a brilliant idea.