S Korean leader loses approval over Bitcoin

SEOUL: South Korean President Moon Jae-in’s approval rating declined last week on controversy over the government’s regulation on cryptocurrencies, a survey showed yesterday.

According to the Realmeter poll, support for Moon declined 4.6 percentage points over the week to 66%last week. It was the lowest since September last year.

The result was based on a survey of 2 509 voters conducted from last Monday to Friday. It had 2 percentage points in margin of error with a 95% confidence level.

Support for Moon weakened as the government announced a plan to regulate the trading of cryptocurrencies, such as Bitcoin.

The trading of Bitcoin overheated amid rising speculative investment among the younger generation.

Opposition parties criticised the Moon government for the agreement to field a joint women’s ice hockey team between the two Koreas, saying it rids South Korean athletes of an opportunity to play in the Winter Olympics.

The Democratic People’s Republic of Korea agreed to send a large delegation, including athletes, performers and cheerleaders, to the South Korea-hosted Winter Olympic and Paralympic Games set to start on February 9.

Pyongyang and Seoul agreed to march together at the opening ceremony and to field a unified women’s ice hockey team.

The approval rating for Moon among those in their 30s, seen as a main support base for the South Korean president, tumbled 9.9 percentage points from the previous week to 73.1%last week.

Meanwhile, support for Moon’s ruling Democratic Party kept its top spot with 48.3% in support scores.