South Korea's Presidential Candidate Pledges 500 Trillion Won for Blockchain, AI

South Korea's National Power Party presidential candidate Hong Jun-pyo has pledged significant investment in emerging technologies, including blockchain and cryptocurrency, as part of his campaign promises. Speaking at his campaign office on Yeouido Island, Hong Jun-pyo announced plans to invest at least 500 trillion Korean won over the next five years in research and development areas such as artificial intelligence, quantum technology, and blockchain. This investment aims to drive "super-gap technology-led growth" and position South Korea as a global leader in these fields.

Hong Jun-pyo's strategy includes emulating the regulatory approach of the Trump administration in the United States, which involved significantly loosening regulations to foster innovation. He plans to promote blockchain and virtual assets as independent industries, integrating blockchain technology into public sector and administrative services. This move is seen as a way to stimulate economic growth and create new opportunities within the virtual asset industry.

In addition to investment, Hong Jun-pyo proposed the "New Industry No-Barrier" system. This policy aims to allow new technologies and businesses to enter the market without the need for prior government approval, creating a more relaxed and innovative environment for blockchain startups. Furthermore, he plans to abolish the 52-hour workweek limit in cutting-edge industries, providing more flexible labor support for research and development in fields like blockchain.

Hong Jun-pyo's proposals reflect a broader vision to transform South Korea's economy by leveraging advanced technologies. By promoting blockchain and cryptocurrency, he aims to position the region as a hub for technological innovation and economic growth. The candidate's emphasis on deregulation and flexible labor policies is intended to attract investment and talent, fostering a dynamic ecosystem for blockchain and virtual asset development.