South Korea to accept political donations in cryptocurrency

Демократическая партия будет принимать криптовалюту для взносов на избирательную кампанию

  • Democratic Party will accept cryptocurrency for campaign contributions
  • So far, this is a test project involving two cryptocurrencies
  • The campaign starts in two weeks

South Korea’s ruling Democratic Party will accept cryptocurrency contributions for its election campaign … Party member Lee Kwang Jae announced this. Moreover, they will issue special non-fungible tokens (NFT) for receipts. The project starts in mid-January.

Technical Details

The project includes the two largest cryptocurrencies, Bitcoin (BTC) and Ether (ETH), as well as several local tokens. Now politician Lee Kwang Jae chooses a provider to receive payments. In early January, he will publish the address of the wallets on his blog, Facebook page and YouTube channel.

Since this is an experimental project, the politician’s office plans to first adopt 10 million won cryptocurrency (about 8400 dollars). The limit per person will be 1 million won (These donations will then be converted into cash on a local exchange and used to fund the election campaign.

South Korea’s Attitude towards Cryptocurrencies

Local authorities in this regard choose the “carrot and stick” strategy. So, at the beginning of last year, they planned to introduce a tax 22% for traders who earn over 22 000 dollars. The bill came across criticism from the opposition and local market participants. Therefore, the authorities have postponed it and are planning to develop more detailed rules of regulation.

At the same time, South Korea is quite tough on P2E games. They recently approached Apple and Google app stores to remove such projects.

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