Charles Esther
South Korea’s opposition leader Lee Jae-myung has been sworn in as president following a decisive victory in a snap election.
The election took place on June 3, just six months after former president Yoon Suk-yeol declared martial law, plunging the nation into political turmoil.
With 99% of votes counted on June 4, Lee, representing the center-left Democratic Party, secured over 49% of the votes.
His main rival, Kim Moon-soo of the conservative People Power Party, garnered 41%, according to the National Election Commission.
Reuters reported that nearly 80% of South Korea’s 44.4 million eligible voters participated, marking the highest turnout for a presidential election since 1997.
The strong voter engagement highlighted the public’s desire for change and stability in the country’s leadership.
Dennis Porter, founder of the Satoshi Action Fund, who was present in South Korea on election day, described the turnout as “wild.”
He emphasized Lee’s pro-crypto stance, noting that the new president has pledged to allow South Korea’s $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies.
Lee also promised to support the launch of Bitcoin exchange-traded funds (ETFs) within the country.
In addition, Lee aims to introduce a Korean Won-backed stablecoin to modernize South Korea’s financial system and prevent capital flight.
He stated during a policy discussion in May, “We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas.”
Kim Moon-soo, Lee’s opponent, also supported launching spot crypto ETFs and pledged to ease regulations and encourage broader cryptocurrency adoption.
Following the election, Bitcoin prices surged to 149,000 won ($108,480) on South Korea’s leading exchanges, Bithumb and Upbit.
The local market showed a so-called “kimchi premium,” trading nearly 2% higher than global exchanges where Bitcoin reached about $106,600 before a slight pullback.
Lee takes office at a time when South Korea faces multiple challenges.
These include economic pressures such as rising living costs, ongoing trade negotiations with the United States, and regional geopolitical tensions.
Although the emphasis Lee will place on his crypto promises remains uncertain, he addressed supporters in Seoul, pledging to “work to restore the economy” from his first day in office.
He also vowed to end military coups and ensure political stability for the nation.
Beyond cryptocurrency, Lee has committed to boosting economic recovery by increasing investment in artificial intelligence and defense sectors.
He aims to depoliticize the prosecution system and introduce social reforms, including a four-and-a-half-day workweek.
Lee’s presidency marks a new chapter for South Korea, blending progressive economic policies with an openness to cryptocurrency innovation.
