In the upcoming South Korean legislative elections, the cryptocurrency community, numbering around 6 million people, is anticipated to significantly influence the outcome. Both major political parties are now vying for support by promoting crypto-friendly policies.
The Democratic Party promises no fiscal authority over spot ETFs on Bitcoin and altcoins, while the People’s Power pledges will procrastinate the capital tax on profit from crypto investments as well as favour investor protection.
On Wednesday, South Koreans will vote in legislative elections. This comes two years after Yoon began his presidency. If the opposition party secures 66% or more of the 300 available seats, there’s a possibility that Yoon may face impeachment proceedings.
— Hyunsu Yim (@hyunsuinseoul) April 9, 2024
Some traders are wary and seek to uncover potential self-serving motivations among politicians. In contrast, other traders hold optimistic views, looking forward to capitalizing on tax breaks and increased commerce.
The People’s Power Party and the Democratic Party are expected to have a close race in the elections, with the People’s Party currently holding a small advantage based on the observations of election monitors.
An intriguing aspect is how Seoul’s treatment court reports an increase in “personal rehabilitation” applications from young people related to cryptocurrency purchases. This underscores the significant impact of Bitcoin-driven policymaking. In the political arena, the crypto community may assume various roles, yet its substantial influence is undeniable and will persist.
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2024-04-10 03:48