South Korea experienced mayhem following President Yoon Suk Yeol’s sudden declaration of martial law. He justified the move by citing threats from North Korea and alleging that opposition MPs were causing problems for the government. His news sparked alarm throughout the country, resulting in protests and a dramatic drop in cryptocurrency values.
The price of Bitcoin (BTC) on South Korea’s Upbit exchange fell by almost 30% following the announcement, from 130 million KRW to 93.6 million KRW. The price then rebounded to roughly 126 million KRW as market jitters subsided following the decree’s reversal.
Yoon contended that martial law was required to preserve South Korea’s safety and freedom from what he saw as anti-state elements threatening the country’s stability.
Quick Action from LawmakersThe opposition-dominated National Assembly of South Korea acted within hours of Yoon’s declaration. Lawmakers decisively voted to overturn the martial law order. Out of the 300 members of parliament, 190 voted to revoke the decree, thereby rendering it illegal.
National Assembly Speaker Woo Won-sik remarked that the President must respect the Assembly’s decision. Martial law is no longer in effect.
Following the vote, protests erupted throughout South Korea. Citizens gathered outside government offices, demanding that the president end martial law and stand down. The armed soldiers stationed outside the National Assembly withdrew following the vote, and the masses celebrated.
Political falloutPresident Yoon’s decision to establish martial law sparked strong divisions among the country’s political parties. The opposition Democratic Party accused Yoon of weakening democracy and supporting authoritarian techniques. Even members of his own People Power Party chastised him for exceeding his authority.
This move brought back painful memories of South Korea’s 1980 martial law declaration amid student protests and political instability. The country’s MPs resolved not to let history repeat again, promising to hold Yoon accountable if he attempted to implement martial law again.
Economic impactThe advent of martial law resulted in more than simply political chaos. South Korea, a significant global economy with corporations such as Samsung and SK Group, has experienced a decline in investor confidence. The country’s cryptocurrency market, which includes exchanges such as Upbit, Bithumb, and Coinone, saw a significant reduction in trade volumes.
After the lifting of martial law, cryptocurrency prices started to recover despite initial losses. Bitcoin and other digital assets regained some of their value, indicating market stability.
Protecting DemocracyThis episode demonstrates the fragile balance of South Korea’s democracy. While President Yoon’s decision sparked temporary turmoil, it was obvious that South Korea’s democratic institutions, particularly the National Assembly, were capable of quickly restoring calm.
Yoon’s leadership is currently under intensive examination, with increasing calls for accountability. For South Korea, this tragedy serves as a forceful reminder of the significance of upholding democratic principles and keeping the country free of authoritarian rule.
