Summary
- South Korea’s Vice Premier Bae Kyung-hoon said the adoption of a token economy and blockchain technology is needed in the artificial intelligence era.
- He said the government is pursuing the creation of a digital-asset ecosystem, measures to strengthen the competitiveness of the blockchain industry, and the drafting of a basic blockchain law as part of its state agenda.
- He also said the government has presented plans to expand the environment and regional infrastructure needed to test digital-asset services.
Forecast Trend Report by Period
Bae Kyung-hoon, South Korea’s vice premier and minister of science and ICT, said a token economy and the adoption of blockchain technology will be needed in the era of artificial intelligence.
At a comprehensive audit of the National Assembly’s Science, ICT, Broadcasting and Communications Committee on October 23, Bae made the remarks in response to Democratic Party lawmaker Kim Woo-young’s question about the need for measures to foster the blockchain industry.
"We need to create economic and social balance for a basic AI society, and a token economy will be important for that," Bae said.
He added that blockchain adoption is needed as part of the token-economy concept, and that the government is reviewing related measures under its "AI for Everyone" initiative.
The government has included the creation of a digital-asset ecosystem in its state agenda and is pushing measures to strengthen the blockchain industry’s competitiveness and draft a basic blockchain law. It has also presented plans to expand the environment and regional infrastructure needed to test digital-asset services.
Kim stressed that South Korea should strengthen domestic technology development and industry support, citing blockchain’s decentralization, security and accessibility.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.