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The presidential race in South Korea is likely to focus again on Bitcoin, after the ruling People Power Party announced its candidate in the June 3 elections, former Minister of Labor Kim Moon-soo.

According to the South Korean portal Digital Daily, officials believe that 16.3 million South Koreans owned or currently own crypto assets.

Their data is based on the number of cryptocurrency wallets and the associated bank accounts on five domestic cryptocurrency exchanges supporting the trading of fiat currencies as of the end of February this year.

The media agency noted that the South Korean political world is "currently making significant efforts" to make promises regarding ways to stimulate the growth of the cryptocurrency market.

By the end of April, Kim stirred up a storm in the cryptocurrency community. The candidate said he would "allow government agencies such as the National Pension Service (NPS) and Korea Investment Corporation (KIC) to invest in virtual assets."

NPS is the third-largest pension fund in the world. KIC is a sovereign wealth fund. If NPS and KIC were to start investing directly in BTC and other crypto assets, this move would "further strengthen the reputation of the cryptocurrency market."