What's Hot

    Ripple (XRP): Launch of the CBDC Innovate Challenge

    June 30, 2022

    a very unprofitable cryptocurrency

    June 30, 2022

    Elrond (EGLD) creates an NFT platform for Romania

    June 30, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » South Korea: presidential candidate will use NFTs during campaign
    Analysis

    South Korea: presidential candidate will use NFTs during campaign

    AdminBy AdminJanuary 10, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Democratic Party presidential candidate Lee Jae-myung is preparing to use NFTs to raise funds for his campaign to appeal to millennials. The party will issue non-fungible tokens to those who donate campaign money during the upcoming presidential elections. The NFTs will contain images of the candidate and his commitments.

    NFTs invite themselves into politics

    In an interview with Yonhap NewsCampaign manager Kim Nam-kook said the party was doing this to appeal to the younger generation.

    ” As the younger generation, i.e. individuals in their 20s and 30s, are interested in emerging technologies, including virtual assets, NFTs, and the metaverse, they may be interested in this type of fundraising.ralsoNam-kook said.

    The Democratic Party also stresses that it is exploring new ways to use new technologies, including the use of NFTs in campaigns and the acceptance of crypto donations.

    Just recently, another Party member, Lee Kwang-jæ, also announced that he would be accepting crypto donations in mid-January.

    “It is high time that we undertake innovative experiments to improve our understanding of these future technologies and change perceptions of digital currencies and NFTs.Lee wrote.

    The arrival of a crypto tax in Korea

    Apart from that, Lee stressed that politicians should be leaders in embracing digital transformation. He noted that policies and laws fail to catch up with digital development.

    Meanwhile, South Korea’s Financial Services Commission (FSC) announced in early November that NFTs would not be regulated. However, a few weeks later, the FSC backtracked by announcing that non-fungible tokens would be taxable in January 2022.

    The change in the law will require a 20% tax payment on digital asset income exceeding 2.5 million won ($ 2,100). However, the implementation of the tax was delayed for a year due to flaws reported by the Democratic Party.

    South Korea may reconsider its decision regarding the taxation of crypto-assets and in particular NFTs, but they remain, however, still very attractive to the population. Indeed, a presidential candidate even offers to offer NFTs to individuals helping him finance his campaign. Additionally, the party he belongs to is seriously considering accepting crypto donations in the near future. Korea is on track to experience mass adoption of the digital industry.

    Source: Cointelegraph

    Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!

    Thomas poirier

    I’m sure blockchain and cryptocurrency are the future, and I want to get this idea across to everyone because the more people who believe in cryptocurrency, the sooner the future will come.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Ripple (XRP): Launch of the CBDC Innovate Challenge

    June 30, 2022

    a very unprofitable cryptocurrency

    June 30, 2022

    Warren Buffet: His bank Nubank becomes conducive to cryptocurrency trading

    June 30, 2022

    Vitalik Buterin explains why and how he created Ethereum (ETH)

    June 30, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • Ripple (XRP): Launch of the CBDC Innovate Challenge
    • a very unprofitable cryptocurrency
    • Elrond (EGLD) creates an NFT platform for Romania
    • Warren Buffet: His bank Nubank becomes conducive to cryptocurrency trading
    • Vitalik Buterin explains why and how he created Ethereum (ETH)

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    Ripple (XRP): Launch of the CBDC Innovate Challenge

    June 30, 2022

    a very unprofitable cryptocurrency

    June 30, 2022

    Elrond (EGLD) creates an NFT platform for Romania

    June 30, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy