South Korean opposition leader Lee Jae-myung has been elected president in a snap election, defeating his conservative rival Kim Moon-soo with 49% of the vote, as reported by Reuters on Tuesday.
Lee, who campaigned on pro-cryptocurrency policies, takes office amid political turmoil following the imposition of martial law by former President Yoon Suk-yeol.
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With voter turnout at nearly 80%, the highest since 1997, Lee's victory represents strong public support for his agenda, which includes launching Bitcoin ETFs and allowing the $884 billion national pension fund to invest in cryptocurrencies.
He also plans to introduce a stablecoin backed by the Korean won to modernize finance and curb capital flight.