Summary
- Vice Premier Bae Kyung-hoon said the adoption of a token economy and blockchain technology is needed in the AI era.
- He said the government has included the creation of a digital-asset ecosystem in its state agenda and is pursuing measures to strengthen blockchain industry competitiveness and prepare a Framework Act on Blockchain.
- He said the government has also presented plans to expand testing environments and regional infrastructure for digital-asset services.
Forecast Trend Report by Period
Bae Kyung-hoon, South Korea’s vice premier and science minister, said a token economy and the adoption of blockchain technology are needed in the age of artificial intelligence.
At a comprehensive audit by the National Assembly’s Science, ICT, Broadcasting and Communications Committee on Oct. 23, Bae was asked by Democratic Party lawmaker Kim Woo-young about the need for measures to foster the blockchain industry. Bae said economic and social balance must be established for a foundational AI society and that a token economy will be important to that effort.
He added that blockchain needs to be introduced into the concept of a token economy. The government is also reviewing related measures as part of its “AI for Everyone” initiative, he said.
The government has included the creation of a digital-asset ecosystem in its state agenda and is pursuing steps to strengthen the competitiveness of the blockchain industry, as well as legislation for a Framework Act on Blockchain. It has also presented plans to expand testing environments and regional infrastructure for digital-asset services.
Kim said South Korea should strengthen domestic technology development and industry support, citing blockchain’s decentralization, security and accessibility.
