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South Korea's acting President Han Duck-soo has announced emergency measures to support businesses impacted by new US tariffs, which impose a 25% rate on South Korean exports. Concerns are rising over the potential effects on the export-driven economy, particularly in key sectors like automobiles and electronics. The KOSPI index dropped 2.7%, prompting the finance minister to indicate that authorities are prepared to stabilize financial markets if needed.
South Korea's Constitutional Court reinstated Prime Minister Han Duck-soo as acting president by overturning his impeachment, while the court has yet to rule on President Yoon Suk Yeol's impeachment. The ruling may embolden Yoon's supporters amid ongoing political strife following his controversial martial law declaration. Han emphasized the need for national unity and urgent attention to global trade issues after his reinstatement.
South Korea's Stock Exchange chairman, Jeong Eun-bo, announced plans to explore crypto-based ETFs in 2025 as part of a strategy to enhance market value amid ongoing economic challenges. Despite a ban on crypto ETFs since 2017, recent discussions by the Financial Services Commission indicate a potential regulatory shift influenced by the success of overseas crypto products. However, new regulations are currently stalled due to a political crisis following the impeachment of President Yoon Suk Yeol.
South Korean President Yoon Suk Yeol, recently removed from office, vowed to "fight to the end" against what he termed "anti-state forces" as authorities prepared to execute an arrest warrant for him. The warrant follows his refusal to cooperate with an investigation into his brief seizure of power, which has led to political turmoil and a pending decision from the Constitutional Court on his impeachment. Amid heavy police presence, Yoon's supporters gathered outside his residence, while his lawyers challenged the legality of the arrest warrant.
South Korea's political turmoil has led to a significant drop in the won's value, reaching its lowest point against the dollar since March 2009. This instability has caused the Bitcoin Kimchi Premium to surge, with local investors paying up to 3% more for BTC compared to global prices, as they seek refuge in dollar-denominated assets amidst the crisis. The impeachment of President Yoon Suk-yeol and ongoing political strife highlight concerns about the fragility of democracy, resonating beyond South Korea.
Han Duck-soo
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19:17 27.12.2024
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