New president’s crypto plan boost South-Korean stock markets

We already told you last month that the South Korean presidential elections would have an effect on the world of digital currencies. However, even we could not have predicted that it would take the turn it has. New president Lee Jae-myung promised to launch a stablecoin based on the local currency, the Won. That was an incredibly popular proposal apparently. All stocks linked to crypto are going up spectacularly.

Kospi

South Korea’s Kospi stock market has been doing exceptionally well since the election of new president Lee Jae-myung, with crypto-related stocks in particular surging higher.

The plan to develop a Won-based digital currency has been met with enthusiasm by investors. Stocks involved in the Bank of Korea’s digital currency project, like those of Kakao Pay and LG CNS, are the most popular, posting gains of 70% or more in a single month.

But there are also gains to be made on the smaller Kosdaq stock market.

Fintech company Aton has surged 80% since the announcement, while ME2ON, a small mobile game development company, has seen its share price triple in a matter of weeks after it announced it would accept stablecoins for a new casino game.

As always, crypto is all the hype in South Korea.