South Korean opposition leader Lee Jae-myung was sworn in as president after a decisive victory in the interim election, during which he promised to introduce a series of pro-cryptocurrency policies.
Six months after former leader Yoon Suk-yeol declared a state of emergency and plunged the country into political chaos, Lee Jae-myung won the election on June 3.
According to data from the South Korean National Election Commission, as of June 4, 99% of the votes had been counted, with center-left Democratic Party candidate Lee Jae-myung receiving over 49% of the votes, while conservative People Power Party candidate Kim Moon-soo garnered 41% support.
Reuters reported that about 80% of the 44.4 million eligible voters in South Korea participated in the election, marking the highest voter turnout in a presidential election since 1997.
Dennis Porter, founder of the Satoshi Action Fund, was in South Korea on election day and described the turnout as "stunning," noting that Lee Jae-myung has promised to allow South Korea's $884 billion national pension fund to invest in Bitcoin and cryptocurrencies, as well as to permit the issuance of Bitcoin ETFs.
Lee Jae-myung also plans to launch a stablecoin backed by the Korean won to modernize the country's financial system and prevent capital outflow.
"We need to establish a stablecoin market backed by the won to prevent national wealth from flowing overseas," he said during a policy discussion in May.
Kim Moon-soo also supported the introduction of a spot crypto ETF during his campaign and promised to ease regulations to expand the use of cryptocurrencies.
On South Korea's leading exchanges Bithumb and Upbit, the price of Bitcoin surged to 149,000 won ($108,480), with the so-called "kimchi premium" causing the asset's trading price to be nearly 2% higher than on global exchanges, where the price briefly climbed to about $106,600 before slightly retreating.
As Lee Jae-myung takes office, South Korea faces significant challenges, including economic difficulties due to rising living costs, ongoing trade negotiations with the United States, and regional geopolitical tensions.
It remains unclear how he will prioritize his cryptocurrency-related commitments, but while addressing supporters in Seoul, Lee Jae-myung pledged to "commit to restoring the economy from day one" and ensure that military coups become a thing of the past.
Lee Jae-myung promised to promote economic recovery by increasing investments in artificial intelligence and defense, depoliticizing the prosecution system, and implementing social reforms, including a four-and-a-half-day workweek.
Related: CleanSpark's Bitcoin (BTC) mining scale expanded by 9% in May, with hash rate and power capacity increasing in tandem.
Original: “South Korea Elects Pro-Crypto President Lee Jae-myung”
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