South Korea Has A New President – And He Likes Crypto

Yoon Suk-Yeol, a conservative presidential contender, has officially been elected as the new president of South Korea. According to news reports, Yoon of the People Power Party defeated his politically progressive opponent, Lee Jae-Myung, by less than 1%. In South Korea, cryptocurrency dominated the election discourse, with both candidates launching NFTs connected to their campaigns. They have acquired popularity among the younger, more crypto-enthusiastic public because of their pro-crypto viewpoints, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges. Bitcoin-Friendly President Of South Korea Throughout his campaign, Yoon promised to de-regulate the bitcoin market. In January, he declared at a crypto conference that rules “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.” Yoon has declared a goal to recruit and build cryptocurrency “unicorns,” or startup companies worth $1 billion or more. He also committed to increasing the planned capital gains tax level before it goes into force. In addition, he suggested that he might revisit a 2017 ban on initial coin offerings (ICOs) and revive the controversial fundraising mechanism. Related Article | Leading News Outlets In Ukraine Aim To Secure $1 Million By Selling NFTs A corporate entity may utilize ICOs to raise funding by minting and selling ...