Lee Jae-myung Elected as South Korea’s President

South Korea has a new leader: Lee Jae-myung, candidate from the Democratic Party of Korea, won the recent presidential election according to reports by Odaily and JTBC. Previously, he proposed using stablecoins pegged to the Korean Won during policy discussions, aiming to curb capital outflow and bolster South Korea’s financial independence. However, current South Korean law prohibits domestic stablecoin issuance, forcing local exchanges primarily to use dollar-pegged options.