The South Korean National Assembly voted Saturday’s impeachment of President Yoon Suk Yeol, intensifying the country’s political uncertainty and sending the national currency tumbling dent The move follows Yoon’s controversial attempt to impose martial law in early December, which opposition leaders condemned as a threat to the democratic order.
According to the Financial Times, opposition leader Lee Jae-Myung managed to rally lawmakers to support the impeachment, seeing it as essential to restoring stability following the failed declaration of martial law.
The impeachment motion passed decisively, with a vote of 204 to 85 in the 300-seat National Assembly. Opposition parties hold a legislative majority and needed only minimal support from Yoon’s conservative People Power Party (PPP) to reach the required two-thirds threshold.
After the parliamentary vote, Yoon’s duties were immediately suspended. Prime Minister Han Duck-soo, a Yoon appointee and seasoned bureaucrat, will serve as interim minister. The Constitutional Court must now determine the validity of the indictment, with a verdict expected within 180 days. Although the timetable is not binding, the court’s decision will determine whether Yoon will be permanently removed from his post or reinstated.
Crypto Market Reactions and Economic Concerns
Today’s vote shook financial markets, weakening the South Korean won. The currency slipped 0.31% against the US dollar, slumping after the USDKRW rate climbed to 1,435.51 on Friday. Market analysts attributed the decline to increased political instability.
Meanwhile, Ripple
Despite fears of political instability, XRP has seen exponential performance. The coin has seen a 258% price increase over the past 30 days and a 321% year-to-date return.
Recent updates also show that trading volumes on Upbit, South Korea’s largest cryptocurrency exchange, declined by around 14% over the past day to a monthly low of $4,841,140 .
The won’s decline aligns with broader economic challenges. Import prices in South Korea rose 3% year-on-year in November, reversing two months of declines, according to Trading Economics statistics. Export prices jumped 7%, extending their growth streak to 11 months. These figures highlight persistent inflationary pressures, even as economic sentiment weakens.
South Korea’s Finance Ministry has pledged to implement additional measures to stabilize markets if volatility increases. Meanwhile, analysts expect the Bank of Korea to cut interest rates by 25 basis points in January, with further cuts expected through 2025.
Projections suggest the benchmark rate could fall to 2%, reflecting efforts to counter political and economic headwinds.
South Koreans ‘agree’ with tooth removal
Yoon, a former prosecutor and first-term attorney, narrowly survived an earlier impeachment motion last Saturday when PPP lawmakers boycotted the vote. However, growing dissent within his party and public backlash to the attempted martial law eventually undermined his position.
Despite initial resistance, cracks appeared within the PPP. Party chief Han Dong-hoon advised members to vote “according to their own conviction and conscience”, signaling a change in the party’s stance. The turning point reportedly came after Yoon’s combative speech on Thursday, in which he lashed out at critics and vowed to “fight to the end.”
Thousands of protesters gathered in Seoul in freezing temperatures on Saturday to demand Dent Yoon’s resignation, as lawmakers voted 204 in favor and 85 against.
Outside the National Assembly, where protests turned into celebrations after the vote, one protester, Lim Dong Eon, told CNN: “He has definitely waged a war against the citizens, and this result is what he deserved. »
Another protester expressed his sentiment succinctly to CNN, saying: “Democracy is back!” »
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