The global nature of South Korean cinema is not accidental! Last night, South Korea's political scene provided excellent material for directors once again. The latest news from the spokesperson of the Ministry of Economy and Finance of South Korea indicated that authorities have decided the stock market will open as usual at 9:00 AM local time.
In the early hours of December 4, South Korean President Yoon Suk-yeol delivered another speech, stating that he respected the National Assembly's opinion, withdrew the martial law troops, and would convene a state council meeting to lift the martial law. Subsequently, the South Korean Joint Chiefs of Staff confirmed that all troops deployed due to the emergency martial law had been withdrawn since 04:22 local time today (December 4).
At around 22:25 local time on December 3, or 21:25 Beijing time last night, South Korean President Yoon Suk-yeol suddenly delivered a televised speech announcing the implementation of 'emergency martial law'.
In the early hours of December 4, the South Korean National Assembly held an emergency meeting to vote on the 'request to lift the emergency martial law'. At around 01:00 local time, or 00:00 Beijing time today, the resolution was passed with 190 members present who voted in favor. National Assembly Speaker Yoo Won-sik subsequently announced that the 'emergency martial law' was invalid.
At around 04:27 local time on December 4, or 03:27 Beijing time today, Yoon Suk-yeol delivered another televised speech, stating that following the National Assembly's request to lift the martial law, the martial law troops had been withdrawn and an emergency state council meeting would be held to lift the martial law.
From Yoon Suk-yeol's televised speech announcing the implementation of martial law, to the South Korean National Assembly passing a resolution to abolish martial law, and then to Yoon Suk-yeol's subsequent speech announcing the lifting of martial law, what exactly happened in South Korea overnight in just 6 hours?
What happened?
At 22:25 local time on December 3, South Korean President Yoon Suk-yeol delivered a speech at the presidential office in Yongsan, Seoul, announcing the 'emergency martial law'. Yoon Suk-yeol listed multiple reasons, claiming that 'the opposition party has coerced the National Assembly and disrupted the country', stating that he would purge 'anti-state forces' within South Korea. Yoon Suk-yeol indicated that the National Assembly had cut the budget for all matters related to the core functions of the state, combating drug crime, and maintaining public safety, undermining the core functions of the state, thus putting public safety at risk. The significant reduction in next year's budget is seen as the largest opposition party, the Democratic Party's 'manipulation' of the national finances. This is a trampling of constitutional order and an anti-state act plotting internal unrest. Yoon Suk-yeol stated that through emergency martial law, he would quickly eliminate anti-state forces and restore normalcy to the country.
At around 22:45 local time on December 3, the South Korean Minister of Defense summoned a meeting of major national commanders.
At around 22:47 local time on December 3, South Korea's largest opposition party, the Democratic Party, convened an emergency meeting of members.
At around 22:55 local time on December 3, a representative of the ruling party, Han Dong-hoon, stated that 'issuing an emergency martial law order' was a mistake and that they would work with the public to prevent it.
At around 23:00 local time on December 3, Lee Jae-myung, leader of South Korea's largest opposition party, the Democratic Party, called on the South Korean people to go to the National Assembly to protect it. Most members of the National Assembly and the Speaker rushed to the Assembly.
At around 23:12 local time on December 3, the entrances to the South Korean National Assembly were closed, and members of the National Assembly were also not allowed to pass.
At around 23:15 local time on December 3, South Korea's Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok convened an emergency meeting related to martial law. The head of the South Korean National Police Agency held an emergency executive meeting. The Ministry of Foreign Affairs held an emergency meeting to discuss matters related to martial law.
At around 23:20 local time on December 3, the opposition party's support group faced off against the police at the entrance of the National Assembly.
At around 23:30 local time on December 3, the South Korean Martial Law Command issued the first martial law order, announcing that from 23:00 on December 3, 2024, martial law would be enacted throughout South Korea.
1. Activities and political associations of the National Assembly, local councils, and political parties, including gatherings and demonstrations, are prohibited;
2. All actions that deny the liberal democratic system or attempt to subvert it are prohibited, as well as false news, fabricated public opinion, and false incitement;
3. All speech and publications are controlled by the Martial Law Command;
4. Strikes, work stoppages, and gatherings that cause social chaos are prohibited;
5. All medical personnel, including interns and resident doctors, who are on strike or have left their posts must return to their duties within 48 hours; failure to comply will result in penalties under martial law.
6. Apart from actions against anti-state forces and other forces aiming to subvert the system, efforts will be made to minimize inconvenience to ordinary citizens in their daily lives.
Those who violate the above martial law may be arrested, detained, or searched without a warrant, based on Article 9 of the Martial Law Act of the Republic of Korea (special powers of the martial law commander), and punished according to Article 14 of the Martial Law Act.
At around 23:40 local time on December 3, a confrontation occurred in front of the South Korean National Assembly.
At around 23:50 local time on December 3, the South Korean National Assembly was sealed off. National Assembly Speaker Yoo Won-sik and representatives from both ruling and opposition parties entered the main building of the National Assembly, and members of various political parties in South Korea issued a call for all members to convene.
At around 00:10 local time on December 4, the South Korean military entered the National Assembly to maintain order.
At around 00:25 local time on December 4, the area surrounding the South Korean presidential office in Yongsan, Seoul, entered a comprehensive control state.
At around 00:35 local time on December 4, the South Korean military entered the main building of the National Assembly. Some footage shows that some South Korean soldiers entered the main building by breaking windows.
At around 00:35 local time on December 4, the South Korean National Assembly began holding a meeting to lift the emergency martial law.
At around 01:00 local time on December 4, the South Korean National Assembly voted to pass the resolution 'requesting the lifting of the emergency martial law', with 190 members present and voting in favor. National Assembly Speaker Yoo Won-sik subsequently declared the emergency martial law invalid.
At around 01:15 local time on December 4, South Korean National Assembly Speaker Yoo Won-sik stated that all soldiers who had entered the main building of the National Assembly had been withdrawn.
At around 01:45 local time on December 4, Lee Jae-myung, leader of South Korea's largest opposition party, the Democratic Party, addressed the military and police outside the National Assembly, stating that 'the unconstitutional emergency martial law has become invalid, and the military and police continuing to exercise power is illegal', and called for their withdrawal.
At around 02:15 local time on December 4, South Korean National Assembly Speaker Yoo Won-sik stated that he had sent a notice to President Yoon Suk-yeol and the Ministry of Defense requesting the lifting of the martial law.
At around 03:25 local time on December 4, the ruling party, People Power Party, stated that it requested President Yoon Suk-yeol to accept the National Assembly's resolution to 'lift the emergency martial law'.
At around 04:10 local time on December 4, South Korea's largest opposition party, the Democratic Party, accused President Yoon Suk-yeol of 'suspected incitement of internal unrest'.
At around 04:27 local time on December 4, South Korean President Yoon Suk-yeol announced through a live broadcast from the presidential office in Yongsan, Seoul, that he had decided to accept the National Assembly's request to lift the martial law. Yoon Suk-yeol stated that although an emergency state council meeting was held immediately, the number of participants was below the legal quorum due to the early morning hour, so the meeting would be held as soon as the number reached the legal requirement. He also urged the National Assembly to immediately stop 'repeated impeachments, monopolizing legislation, and monopolizing budgets that paralyze the functions of the state'.
At around 04:35 local time on December 4, the South Korean Joint Chiefs of Staff confirmed that all troops deployed due to the emergency martial law had been withdrawn since 04:22 local time.
At around 05:05 local time on December 4, an emergency state council meeting was held in South Korea, passing a resolution to lift the emergency martial law.
Why?
Analysis indicates that the recent push by South Korea's opposition party for a series of legislation targeting the First Lady and the impeachment of public officials, including prosecutors, may have been the trigger for Yoon Suk-yeol's announcement of an 'emergency martial law'.
Impact on the cryptocurrency market
1. Short-term fluctuations
Market panic: The issuance of martial law may trigger panic in the market, with investors potentially worried about the negative effects of political instability on the cryptocurrency market, leading to short-term market fluctuations.
Trading suspension: Although the spokesperson for the Ministry of Economy and Finance of South Korea stated that the stock market would open as usual, trading in the cryptocurrency market may be affected, and some trading platforms may suspend or restrict trading.
2. Long-term impact
Policy uncertainty: This martial law incident may increase the South Korean government's policy uncertainty regarding the cryptocurrency market, causing investors to be more cautious about investment opportunities in South Korea.
Strengthened regulation: The government may enhance its regulation of the cryptocurrency market to prevent similar incidents from occurring again. This may impose higher requirements for market compliance and transparency.
Market confidence: If the government can handle this incident properly and restore market confidence, the cryptocurrency market may gradually stabilize. However, if the incident continues to escalate or triggers a larger scale of political turmoil, market confidence may suffer significant damage.
3. Global impact
Market linkage: Although the South Korean market is relatively small, the cryptocurrency market has global interconnectedness. Therefore, fluctuations in the South Korean market may have some impact on cryptocurrency markets in other countries.
Investor sentiment: This incident may trigger a re-evaluation and reassessment of the cryptocurrency market by global investors, thereby affecting their sentiment and decision-making.
In summary, the overnight martial law incident in South Korea may have a certain impact on the cryptocurrency market, but the specific extent of the impact depends on the subsequent developments of the event and the government's response measures. Investors should closely monitor market dynamics and policy changes to make reasonable investment decisions.
The views expressed in this article are solely those of the author and do not constitute investment advice. The author makes no guarantees regarding the accuracy, completeness, or timeliness of the information in the article and assumes no liability for any losses arising from the use or reliance on the information presented.
