Both major South Korean presidential candidates are now preparing to announce crypto policies
Cryptocurrencies are becoming a major political battleground in South Korea, where both leading candidates in March’s presidential election are set to introduce a series of related e-money policies.
South Korea’s main presidential candidate Lee Jae-myung supports cryptocurrencies
Incumbent President Moon Jae-in’s government has taken a tough stance on cryptocurrencies, banning initial coin offerings (ICOs), imposing one of the strictest policies on cryptocurrency exchanges, and even sometimes imposing a nationwide trading ban. But the country will go to the polls on March 9 – and cryptocurrency is now a key issue in the campaign.
Lee Jae-myung of the ruling Democratic Party has attempted to appeal to younger voters with a range of pro-crypto policies, speaking about creating an international crypto “hub” through pro-business strategies. Lee even talked about creating a national cryptocurrency system with the goal of distributing it to the public.
The latest survey data from Realmeter shows that his strategy is working: after a poor result in 2021, Lee initially started a year ahead of party rival Yoon Suk-yeol. People’s Power is in opposition, leading 40.9% to 39.2%.
Korea’s main presidential candidate Yoon Suk-yeol There are also crypto commitments
Like Britain, South Korea is a de facto bipartisan state, meaning that unless there is an election miracle, either Yoon or Lee will come to power in the spring.
And so it seems Yoon Suk-yeol will not stand idly by as his adversary fascinates the youth and business community with progressive politics – and has decided to retaliate with his own crypto-related commitments.
Money Today reported that Yoon will deliver a speech outlining his full stance on crypto and his vision for the industry on Jan. 19, about two weeks ahead of schedule. It seems Yoon is now desperately trying to stop Lee from calling himself a hero in the crypto community.
The report states that political sources have indicated that Yoon will promise in the speech to “create an environment where crypto investors can invest with confidence.”
Sources pointed out that the decision to deliver the speech was made because Lee had scheduled a meeting with the CEOs of the country’s four largest cryptocurrency exchanges for the morning of the same day.
The media outlet claims that Yoon’s promises will “likely include measures” to “protect investors” as well as policies to strengthen the non-fungible token (NFT), junior, and metaverse fields.
Yoon will also develop policies aimed at “reviving” the blockchain and cryptocurrency exchange industries.
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