The two main South Korean presidential candidates are now ready to unveil pro-crypto manifestos

[ad_1]

Source: iStock/HRAUN

Crypto is poised to become a key political battleground in South Korea, where the two leading presidential candidates in March are expected to present a number of crypto-related policies. And while the promises of politicians’ manifestos are not always kept to the letter in any part of the world, it seems that a changing of the guard is very likely when it comes to crypto in South Korea.

Incumbent President Moon Jae-in’s government has taken a hardline stance on crypto, banning initial coin offerings (ICOs), introducing one of the strictest sets of policies governing crypto exchanges, and sometimes even proposing a national trade ban. But the nation goes to the polls on March 9 – and crypto is now a top issue on the campaign trail.

As noted, Lee Jae-myung of the ruling Democratic Party has tried to woo young voters with a range of pro-crypto policies and talks about creating an international crypto “hub” via pro-business strategies. Lee even talked about creating a national cryptoasset with a view to distributing it to the public.

The latest data from the Realmeter opinion poll suggests his strategy is working: after a poor end to 2021, Lee started the year ahead of rival Yoon Suk-yeol of the main opposition People’s Power Party for first time, leading from 40.9% to 39.2%. . Like the UK, South Korea is a de facto two-party state, which means that barring an electoral miracle, Yoon or Lee will take power in the spring.

However, it looks like Yoon won’t sit idly by as his rival dazzles young people and business communities with progressive policies — and has decided to hit back with his own crypto-related promises.

Money Today reported that Yoon will deliver a speech on January 19 outlining his full stance on crypto and his vision for the industry — about two weeks ahead of schedule. It seems Yoon is now desperate to stop Lee from portraying himself as a hero within the crypto community.

The report says political sources said the speech will see Yoon promise to “create an environment where crypto-asset investors can invest with confidence.”

The sources said the decision to bring the speech forward was made due to Lee having scheduled a meeting with the CEOs of the country’s four largest crypto exchanges for the morning of the same day.

The outlet claimed that Yoon’s pledges are “likely to include measures” aimed at “protecting investors,” as well as policies aimed at bolstering the nascent non-fungible token (NFT) and metaverse sectors.

Yoon is also set to establish policies aimed at the “revitalization” of the blockchain and crypto exchange industries. Flee Bitcoin Miners from Kazakhstan

– Hillary Clinton argues crypto could destabilize nations and currencies – Modi says Bitcoin in the ‘wrong hands’ can ‘spoil our youth’ as ​​India prepares CBDC

[ad_2]