SEOUL – South Korea has just elected Lee Jae-myung as its new president in a surprise snap election, and he’s bringing big pro-crypto ideas with him.
Lee, the leader of the Democratic Party, won with over 49% of the vote, beating his conservative rival Kim Moon-soo, who got 41%. This historic election had a massive turnout—nearly 80% of South Koreans voted, the highest since 1997.
A President Who Believes in Crypto
Lee Jae-myung is strongly in favor of cryptocurrency. He plans to:
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Let South Korea’s national pension fund (worth $884 billion) invest in Bitcoin and other crypto.
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Approve Bitcoin ETFs (exchange-traded funds).
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Launch a Korean Won-backed stablecoin to keep money from flowing out of the country.
In a recent speech, Lee said, “We need to build a stablecoin backed by the won so we don’t lose our national wealth to foreign markets.”
His opponent, Kim, also supported crypto-friendly policies like launching ETFs and cutting down on regulations, but Lee’s message clearly resonated more with voters.
Bitcoin Surges After Lee’s Win
After the election, Bitcoin prices shot up on South Korea’s top exchanges, Bithumb and Upbit, trading as high as 149 million won ($108,480). This was nearly 2% higher than global prices, showing strong local demand—known as the “kimchi premium.”
Lee’s Other Big Plans
Crypto isn’t the only thing on Lee’s agenda. South Korea is currently dealing with:
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High living costs
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Trade talks with the U.S.
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Tensions with neighboring countries
Lee said he would immediately focus on fixing the economy, investing more in AI and defense, reforming the legal system, and introducing a shorter workweek (4.5 days).
He also promised never to let the country return to political chaos, referring to the martial law declared by the previous president.
In Summary:
South Korea just elected a new leader, Lee Jae-myung, who has big crypto plans. From letting the country’s pension fund buy Bitcoin to launching a stablecoin, Lee wants to make South Korea a crypto powerhouse. While he has other big issues to solve, his election has already made waves in the global crypto market.
Disclaimer: This article is only for
information and not financial advice. The opinions shared here may be the
writer’s personal views. Please do your own research before making any
investment choices. We are not responsible for any money you may lose.
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