South Korea’s opposition chief Lee Jae-myung has been sworn in as president following a decisive victory in a snap election, after promising a raft of pro-crypto insurance policies throughout his marketing campaign.
Lee claimed victory within the June 3 election held six months after the nation’s earlier chief, Yoon Suk-yeol, declared martial regulation and threw the nation into political chaos.
With 99% of the votes counted on June 4, the center-left Democratic Get together’s Lee fetched over 49% of votes towards the 41% gained by rival conservative Folks Energy Get together candidate Kim Moon-soo, in keeping with Nationwide Election Fee information.
Reuters reported that just about 80% of South Korea’s 44.4 million eligible voters forged their ballots within the highest turnout for a presidential election since 1997.
Satoshi Motion Fund founder Dennis Porter, who was in South Korea on election day, mentioned the turnout determine was “wild,” whereas noting that Lee has dedicated to permitting South Korea’s $884 billion nationwide pension fund to spend money on Bitcoin (BTC) and crypto and has additionally promised to permit the launch Bitcoin exchange-traded funds (ETFs).
Lee additionally has ambitions to launch a Korean Gained-backed stablecoin to modernize the nation’s monetary system and stem capital outflows.
“We have to set up a won-backed stablecoin market to forestall nationwide wealth from leaking abroad,” he mentioned throughout a coverage dialogue in Could.
Kim additionally ran a marketing campaign that supported the launch of spot crypto ETFs and pledged to ease rules and develop crypto adoption.
Associated: South Korea crypto business to win regardless of snap election final result
Bitcoin costs spiked to 149,000 gained ($108,480) on the nation’s main exchanges, Bithumb and Upbit, because the so-called kimchi premium noticed the asset commerce nearly 2% greater in comparison with international exchanges, the place it topped round $106,600 earlier than retreating barely.
Lee to additionally sort out raft of coverage selections
Lee is taking workplace as South Korea faces important challenges, together with financial struggles with rising dwelling prices, ongoing commerce negotiations with the US and regional geopolitical tensions.
It’s not clear how excessive he’ll prioritize his crypto-related guarantees, however in addressing crowds of supporters within the nation’s capital of Seoul, Lee promised to “work to revive the financial system” from day one and to make sure navy coups are a factor of the previous.
Lee has promised to deal with financial restoration by elevated funding in synthetic intelligence and protection, to depoliticize the prosecution system, and to introduce social modifications, together with a four-and-a-half-day work week.
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