At first glance, the recent elections in South Korea were nothing special. In a close contest, conservative opposition politician Yoon Suk-yeol defeated center-left ruling party candidate Lee Jae-myung. After a five-year term by President Moon Jae, there is a change of power in South Korea. First of all, nothing special, you might think. But far from it, because for the first time the topic of cryptocurrencies also played a decisive role.
a different campaign
That this year’s election campaign in South Korea would be different was made clear at the latest when Democratic candidate Lee Jae-myung publicly promised voters on television that he would receive free hair loss treatment in the event of an election. Election night itself was also a great spectacle. In South Korea, for example, it is apparently unusual for election night TV shows to consist of hard-hitting interviews and exceptions live from party headquarters. On the other hand. The election night show is a real animated show where candidates like to compete as cartoon characters on skis for election victory.
Furthermore, the topic of cryptocurrencies also played a decisive role in the election campaign for the first time. After all, the younger population of South Korea in particular is considered to be particularly tech-savvy. Both candidates had created campaign-related NFTs during their campaigns. Conservative election winner Yoon Suk-yeol, for example, had placed 4,000 NFTs in advance at a price of US$40 each on the South Korean NFT CCCV market (see figure below).
The particularly crypto-friendly election campaign came as a surprise to many after incumbent President Moon Jae took a tougher course in terms of regulation last year. As a result, due to strict regulations, most South Korean crypto exchanges had to be closed by September 2021, BTC-ECHO reported. The legal ambiguity caused confusion in parts of the population and in some cases also great annoyance. At a conference in January, the winner of the elections announced that he wanted to dismantle the regulation in the event of an election.
To realize the unlimited potential of the virtual asset market, we must review unrealistic and inappropriate regulations.
Yoon Suk-yeol at a conference in January
In addition, the politician promised to significantly reduce the tax burden on capital gains from cryptocurrencies.
“Crypto is a topic that voters love to debate”
Ramón Pacheco Pardo is a Korean academic and Professor of International Relations in London. King’s College. He is sure that the topic of cryptocurrencies played a decisive role in this year’s election campaign:
In my opinion, the focus on cryptocurrencies during election campaigns is mainly due to two reasons. First of all, South Korea is one of the countries where people like to trade cryptocurrencies. This is especially true for younger Koreans. President-elect Yoon tried to appeal to this demographic, which is why cryptocurrencies took center stage in the election campaign. Second, there is an open debate in South Korea about the role of cryptocurrencies in the economy and how to regulate them. This means that many South Koreans are aware of these discussions, and therefore it is a topic that voters enjoy discussing.
Ramon Pacheco Pardo to BTC-ECHO
A Report From South Korea’s Largest Newspaper Shows The Importance Of Cryptocurrency Trading In South Korea The Chosunilbo of the year 2021 clearly. As a result, more and more young people are quitting their jobs to dedicate themselves entirely to cryptocurrency trading.
After the crackdown on cryptocurrency exchanges last year, positive cryptocurrency news from South Korea has been heard again recently. KB Asset Management, South Korea’s largest money manager, had considered launching its own Bitcoin ETF, we reported. It remains to be seen whether the president-elect will implement what he has announced when it comes to cryptocurrencies. However, the choice makes one thing clear. The topic of cryptocurrencies is becoming more and more present and, as in the example of South Korea, it has already decisively influenced the elections.
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