The stablecoins in the South Korean cryptocurrency industry have started going big again. Many platforms in South Korea are now accepting stablecoins as a mode of payment. This is the reason why the stablecoins business is now booming in the country and the industry is again seeing the stablecoins growth go up.
Now that the election period is near, both the Government and the opposition parties are face to face in the country. However, all parties including the government are emphasizing that they will be launching government-backed tokens in the country.
In the light of the above, no matter the party wins the elections, it would be a win, win situation for the cryptocurrencies in South Korea.
According to the reports, the election seasons will initiate in South Korea in April 2021 when the majority of the citizens will be heading for the polls.
The elections being held would be for the mayors in the major cities of South Korea. The first country where the polling will be carried out in the Capital of South Korea “Seoul” while the other one is “Busan”.
It has been revealed that Park Young-Sun would be leading the polling in the South Korean Capital “Seoul”. Young-Sun is popularly known for being the former SMEs Minister. The full form of SMEs is Small and Medium-Sized Enterprises.
Young-Sun had recently left her post as the minister as she was planning to take part in the mayoral elections to become the Seoul Mayor.
In the mayoral election for Seoul, the person running against Young-Sun is AhnChul-Soo, who is the head of AhnLabs. Chul-Soo is one of the most influential people in South Korea, being known as the tech entrepreneur and the owner AhnLabs, which is a software giant.
It has been reported that Chul-Soo is currently behind Chul-Soo according to the pre-poll approval ratings. Chul-Soo currently has an approval rate of 23.2% from the South Korean public, while Young-Sun has an approval rate of 32.2%.
It is to be kept in mind that Park Young-Sun and AhnChul-soo are not the only candidates for the Seoul Mayor. There are other candidates as well but their approval rate is very less as compared to these two personalities.
Being the strongest candidate, Young-Sun currently has a 25% more approval rate than Chul-Soo so it is expected that she may be the next Mayor for Seoul.
In their speeches, both candidates have spoken very highly of stabelcoins. They have stated that they will be working to introduce more stablecoins for their public. The purpose of launching the stablecoins would be to compensate the South Korean citizens as part of the economic stimulus initiative.
Having one of the strongest and firm economies in the entire world, South Korea found itself facing the worst economic time in 2020. As a result, the country had to lower its GDP and is currently taking all necessary measurements to boost its economy just like it was before the pandemic.