South Korea's new president, Lee Jae-myung, has taken office following a decisive election victory held on June 3, 2025. Lee, leading the center-left Democratic Party, secured over 49% of the votes against his rival Kim Moon-soo from the conservative People Power Party, with voter turnout reaching an impressive 80%, the highest since 1997. Lee's campaign revolved around a pro-crypto agenda, which includes allowing the national pension fund to invest in Bitcoin and the introduction of Bitcoin exchange-traded funds (ETFs).
During a policy discussion, Lee emphasized the need for a won-backed stablecoin, stating, "We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas." His ambitions align with an evolving crypto landscape in South Korea, where the industry has responded positively, reflected in the spike of Bitcoin prices across major exchanges.
Lee's election comes at a time when South Korea faces economic challenges, including rising living costs and ongoing geopolitical tensions. His commitment to economic recovery includes increased investments in technology sectors like artificial intelligence, yet it remains uncertain how quickly he will enact his crypto promises. As Lee remarked to supporters, he aims to restore the economy from day one and foster a more stable political environment.
During a policy discussion, Lee emphasized the need for a won-backed stablecoin, stating, "We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas." His ambitions align with an evolving crypto landscape in South Korea, where the industry has responded positively, reflected in the spike of Bitcoin prices across major exchanges.
Lee's election comes at a time when South Korea faces economic challenges, including rising living costs and ongoing geopolitical tensions. His commitment to economic recovery includes increased investments in technology sectors like artificial intelligence, yet it remains uncertain how quickly he will enact his crypto promises. As Lee remarked to supporters, he aims to restore the economy from day one and foster a more stable political environment.
