S. Korea’s New President Is Pro Crypto
Add S. Korea’s new President Yoon Suk-Yeol to the ever growing list of pro cryptocurrency politicians worldwide:
South Korea to Become a Crypto Hub?
The presidential election was one of the most contested in the history of South Korea. Yoon Suk-Yeol – a 61-year-old former prosecutor and a candidate of the Conservative party – secured a narrow victory over his opponent – the Democratic Party’s Lee Jae-Myung.
The election was also highly anticipated by the locals as 77% of the South Korean adults went to cast their ballots. In the aftermath, only 263,000 votes separated the two candidates. Yoon – known for his crypto-friendly viewpoint – labeled his win a “victory of the great South Korean people.”
In one of his recent appearances, he pledged to raise the minimum level for paying capital gains tax on earnings from cryptocurrency investments from $2,000 to $40,000. If implemented, South Korea could become an attractive destination for participants in the blockchain universe and even turn into a digital asset center.
It is worth noting that Yoon’s opponent – Lee Jae-Myung – has also shown affection towards the crypto sector. Earlier this year, he issued non-fungible tokens to fuel his political campaign. The collectibles depicted his image and served as a bond, allowing holders to exchange them with other individuals.