Bitcoin and Ether to Be Accepted as Campaign Contributions by South Korea’s Top Presidential Candidate

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Alex Dovb­nya

Lee Jae-myung will also be the world’s first pres­i­den­tial can­di­date to issue NFTs

The pres­i­den­tial cam­paign of South Kore­an politi­cian Lee Jae-myung, who offi­cial­ly became the nom­i­nee for the pro­gres­sive Demo­c­ra­t­ic par­ty in Octo­ber, will accept Bit­coin and Ethereum as well as three oth­er cryp­tocur­ren­cies that are yet to be select­ed by his elec­tion com­mit­tee, The Korea Times reports.    

Lee’s cryp­tocur­ren­cy-savvy sup­port­ers will be able to start con­tribut­ing to the cam­paign this month. All donat­ed cryp­to will be con­vert­ed to cash with the help of a local exchange, accord­ing to the report. 

The mav­er­ick politician’s cryp­tocur­ren­cy fundrais­ing plan also includes non-fun­gi­ble tokens. Those who donate to Lee’s cam­paign will receive an NFT receipt that will fea­ture the candidate’s pho­to along­side his cam­paign promis­es.   
  
This makes the for­mer gov­er­nor of the Gyung­gi province the first pres­i­den­tial can­di­date in his­to­ry to issue NFTs.

The cryp­tocur­ren­cy push is part of Lee’s effort to woo younger vot­ers. Accord­ing to a sur­vey pub­lished in Novem­ber, 40.5% of respon­dents aged between 20 and 40 years said that they had invest­ed in cryptocurrencies.

Last month, he said that he want­ed South Korea to lead on the glob­al cryp­tocur­ren­cy scene, describ­ing cryp­to as an “unde­ni­able real­i­ty” while giv­ing a lec­ture at Seoul Nation­al University. 

Lee also sup­port­ed delay­ing the tax­a­tion of cryp­tocur­ren­cies to next year while also promis­ing to increase the deduc­tion limits.

The most recent pre­elec­tion poll pub­lished on Jan. 1 shows that Lee has a 4.6% lead over Yoon Suk-yeol, the nom­i­nee of the con­ser­v­a­tive Peo­ple Pow­er Party.

The pres­i­den­tial elec­tion is sched­uled to take place on March 9, 2022.

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