cryptojournalist
South Korea’s President Yoon Suk Yeol declared martial law on Dec. 3, citing North Korean threats and domestic unrest. The announcement caused Bitcoin’s value against the won (BTC/KRW) to plunge 30% on Upbit, briefly dropping from 130 million KRW to 93.6 million KRW before recovering above 126 million KRW.
Parliament Strikes Back
Opposition leader Lee Jae-myung accused the government of using the military to silence lawmakers. In response, South Korea’s National Assembly voted overwhelmingly to block the martial law order, calling it unconstitutional.
Ripple Effects on Economy and Crypto
The declaration has raised concerns about South Korea’s economic stability. The country, home to major companies like Samsung, is also a key player in cryptocurrency, hosting exchanges like Upbit, Bithumb, and Coinone.
Adding to the uncertainty, lawmakers recently postponed a planned crypto tax from 2025 to 2027.
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