Experts have observed that crypto has many uses since its inception. According to some reports, cryptocurrency can be used for investment, cross-border payments and venture capital funding. A certain South Korean man seems to also have seen the value of crypto assets in his quest to be elected President.

Lee Jae Myung, the Democratic Party of Korea presidential candidate, is the man. The Democratic Party of Korea claims that Lee Jae Myung will finance his presidential candidacy in an ingenious way. If successful, it will mark the first time that any Presidential candidate has offered NFTs for the funds necessary to fund the election campaign.

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What is their plan?

The Democratic Party of Korea says that crypto funds will come from donations who will receive NFTs as a reward for their contributions. Additionally, donors will be able to get photos of their presidential nominee in return for crypto funds. These NFTs could have a great future return for them.

Kim Nam-kook was an election official for the party.

The young generation of their 30s and 40s is interested in new technologies and this kind of fundraising may appeal to them.

The cryptocurrency will then be exchanged by a company that deals in cryptocurrency into Korean won. This is the South Korean official currency. The acceptable currencies for donation have yet to be determined. However, cryptocurrency such as and are being investigated. Lee’s campaign team however has said that coins will not be accepted until January 2022.

The financing arrangement Lee used to finance the South Korean Presidential Election in March is worthy of praise. It shows that Lee, the presidential candidate of the ruling party is fully aware of South Korea’s young tech-savvy population and is keen to capitalize on this.

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