On October 23, Vietnam announced its ambitious National Blockchain Strategy, aiming to significantly enhance its blockchain capabilities.
The initiative aspires to position Vietnam as a leading center for blockchain research, application, and innovation by the year 2030.
The Vietnamese government recognizes blockchain technology as a cornerstone of the Fourth Industrial Revolution, underscoring its critical role in the nation’s future development.
Phan Duc Trung, the Permanent Vice President of the Vietnam Blockchain Association, highlighted that this strategy marks a crucial turning point for Vietnam, reinforcing the government’s dedication to cultivating a transparent, secure, and sustainable digital economy.
Vietnam’s Ambitious Blockchain Vision
Vietnam’s objective is to lead in blockchain technology, focusing on advancing its research, implementation, and application.
By 2030, the country aims to establish a strong international presence by:
- Fostering globally recognized blockchain brands.
- Establishing essential infrastructure to promote innovation.
- Positioning itself as a premier destination for blockchain education and research in Asia.
The strategy lays out a multifaceted plan to expedite blockchain development, which includes:
- Enhancing the legal framework governing blockchain.
- Building a robust industrial ecosystem.
Furthermore, Vietnam emphasizes the importance of developing a skilled workforce capable of advancing this transformative technology. The country also seeks to enhance research efforts and foster international collaboration, aiming to be a significant player in blockchain innovations globally.
Legal and Regulatory Framework for Digital Assets
A crucial component of the strategy involves the legal recognition of digital assets. Vietnam plans to align its regulatory framework with international standards to ensure that digital assets are acknowledged and protected as intangible assets.
These digital assets will be safeguarded through property rights under civil law, intellectual property laws, and other pertinent regulations.
The government’s strategy illustrates its commitment to combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction by regulating digital assets in alignment with global standards.
This initiative is particularly relevant as Vietnam ranks among the top five countries worldwide in terms of cryptocurrency adoption.
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