South Korea's new president, Lee Jae-myung, has taken office following a strong victory in a snap election held on June 3, which saw a substantial voter turnout of nearly 80%. Lee, representing the center-left Democratic Party, secured over 49% of the votes, while his conservative opponent, Kim Moon-soo, garnered 41%.
Lee's campaign focused on pro-crypto initiatives, including plans to permit South Korea's $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies, as well as to introduce Bitcoin exchange-traded funds (ETFs). He expressed the need for a Korean Won-backed stablecoin to modernize the financial system and restrict capital outflows, stating, "We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas."
The election results immediately impacted the crypto market, with Bitcoin prices soaring to 149,000 won ($108,480) on major South Korean exchanges — significantly above global levels due to the kimchi premium.
Despite this positive atmosphere for crypto advocates, South Korea faces challenges such as rising living costs and geopolitical tensions. Lee has outlined his commitment to economic recovery, emphasizing investments in artificial intelligence and social changes alongside his crypto promises. The focus remains on how promptly these promises will be translated into actions after taking office.
Lee's campaign focused on pro-crypto initiatives, including plans to permit South Korea's $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies, as well as to introduce Bitcoin exchange-traded funds (ETFs). He expressed the need for a Korean Won-backed stablecoin to modernize the financial system and restrict capital outflows, stating, "We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas."
The election results immediately impacted the crypto market, with Bitcoin prices soaring to 149,000 won ($108,480) on major South Korean exchanges — significantly above global levels due to the kimchi premium.
Despite this positive atmosphere for crypto advocates, South Korea faces challenges such as rising living costs and geopolitical tensions. Lee has outlined his commitment to economic recovery, emphasizing investments in artificial intelligence and social changes alongside his crypto promises. The focus remains on how promptly these promises will be translated into actions after taking office.
