A member of South Korea’s conservative party is betting on cryptocurrencies for his presidential campaign, pledging a pro-crypto stance similar to that of the U.S.
Hong Joon-pyo, a member of the right-wing People Power Party and a candidate in the South Korean presidential primaries, has vowed to implement favorable reforms for the blockchain and cryptocurrency sectors if elected President.
According to local news agency Yonhap, during a policy announcement event, Hong stated:
“To foster blockchain and virtual assets as an industry, I will reform regulations as much as the Trump administration in the United States.”
Hong, who served as mayor of the city of Daegu until last week, outlined a vision that includes integrating blockchain technology into public services and administrative systems.
He also pledged to invest at least 50 trillion South Korean won (about $35.1 billion) over the next five years in research and development for artificial intelligence, quantum technology, and room-temperature superconductors, as part of his “growth driven by disruptive technologies” initiative.
According to local outlet Financial News, Hong had already criticized the South Korean government’s decision to tax cryptocurrencies back in 2021, calling the move regressive and urging the creation of legal frameworks to institutionalize emerging technologies.
Current political landscape in South Korea
The country’s 20th President, Yoon Suk-yeol, was removed from office on April 4 after the Constitutional Court unanimously upheld the National Assembly’s impeachment vote, which was triggered by his declaration of martial law on December 3, 2024.
With presidential elections scheduled for June 3 — less than two months away — neither of the two major political parties has officially nominated a candidate. Hong is among eight contenders vying for the People Power Party’s nomination, while Yoon’s impeachment has given the opposition Democratic Party of Korea an edge heading into the election.
