Hong Jun-pyo’s Ambitious Plans for South Korea
During a campaign event held on Yeouido Island on the 16th, presidential hopeful Hong Jun-pyo of South Korea’s National Power Party announced ambitious plans to invest a massive 500 trillion Korean won (approximately 240 billion RMB) over the forthcoming five years. This investment is earmarked for research and development initiatives in key areas such as artificial intelligence, quantum technology, and blockchain, with the objective of driving what he referred to as ‘super-gap technology-led growth.’
Proposed Regulatory Changes
Hong revealed his intention to draw inspiration from the regulatory framework established by the former Trump administration, vowing to relax regulations significantly. He aims to position blockchain and virtual assets as standalone industries, integrating blockchain technology within public sector functions and administrative processes. Hong believes that boosting the virtual asset sector could prove instrumental in fueling economic expansion in South Korea.
New Initiatives for Innovation
Additionally, he introduced a proposal for a “New Industry No-Barrier” initiative that would permit innovative technologies and startups to enter the market without requiring prior approvals from government entities. This initiative is expected to foster a more conducive environment for blockchain innovators.
Workweek Flexibility for Technological Development
Moreover, Hong intends to eliminate the current 52-hour workweek cap in advanced sectors to enhance labor flexibility, thereby better supporting research and development efforts in technology domains such as blockchain.
