The declaration of martial law in South Korea was reversed early on Wednesday.
The price of crypto assets has plunged and quickly recovered.
South Korean President Yoon Suk Yeol declared martial law late on December 3, evoking widespread political disruption and intense backlash from lawmakers. This aimed to counter the alleged threats from anti-state elements and perceived opposition ties to North Korea.
However, the move was short-lived as Yoon reversed his decision early Wednesday, withdrawing military service and revoking the controversial order. The unforeseen declaration submerged South Korea into political chaos.
Moreover, lawmakers from the opposition Democratic Party and other coalitions of South Korea swiftly assembled to block the martial law order through a parliamentary vote, with 190 of the 300 members opposing it. Parliamentarians are now calling for resignations and recommending impeachment proceedings against Yoon.
Yoon Suk Yeol’s sudden declaration of martial law rekindled the memories of the authoritarian past of South Korea. Notably, the 1980 military law imposition during a nationwide uprising.
Phase of Unsettlement in South Korea
Critics accused Yoon of breaching his authority and described the move as a dangerous setback to autocratic governance in South Korea. The protesters gathered outside the National Assembly building in Seoul, and lawmakers denounced the armed military for enforcing the order.
Besides, Yoon defended his decision, in a live emergency address, quoting the threats from North Korea and the necessity to protect constitutional order and freedom. In addition, he accused the opposition lawmakers of engaging in anti-state activities and provoking rebellion. However, the overall resistance forced the administration to retract from the decision.
The Call For Accountability
Yoon’s chief staff and senior secretaries have offered their resignations, signaling internal unrest within the administration, following the reversal. The opposition coalition plans to initiate an impeachment bill against Yoon within 72 hours.
His attempt to justify martial law by citing the need to eliminate anti-state elements and to secure national stability has left South Korea’s political landscape.
Furthermore, the declaration stirred the financial market. South Korea’s benchmark Kospi Index fell by 2%, reflecting investor uncertainty. The South Korean national currency and traded stocks have also experienced declines.
On the other hand, the price of crypto assets has plunged to previous losses and swiftly recovered, following the martial law declaration. Bitcoin trades at $96.5K, Ethereum at its $3.6K range, and XRP’s trading price hovers at $2.62.
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