South Korea lawmaker accepts Crypto donations in recent campaign

Korean lawmaker, Lee Kwang-Jae, announced that he will accept cryptocurrency donations sometime in mid-January 2022. He has said that anyone wishing to sponsor his campaign can do so by transferring funds to his office wallet.

In a report by the Korean Times, the donated crypto will be converted into Korean won then deposited into his sponsorship account. Furthermore, the report states that receipts will be issued in the form of NFTs and sent to the donor’s email.

Kwang-Jae claims that his decision will raise awareness for crypto-assets, the metaverse, and NFTs in South Korea.

“I have had a deep sense of regret that the politicians here have had an outdated perception of digital assets at a crucial time when the blockchain technologies used for cryptocurrencies, NFTs, and the metaverse, are advancing rapidly day after day,” said Kwang-Jae.

He also notes that it is time to pursue innovative experiments to enhance politicians’ understanding of new-age technology. According to the report, the lawmaker hopes that these projects might help change perceptions of crypto and NFTs.

However, due to the assets not being institutionalized, Kwang-Jae can only receive a maximum of 10 million won ($8,420) worth of crypto. Additionally, sponsors can only donate digital assets worth up to $842.

Kwang-Jae’s plan comes at a time when the South Korean government has exerted more regulatory pressure on the industry.

Source: Bitcoin News