Vietnam has made a pivotal move in enhancing its blockchain framework by introducing the National Blockchain Strategy.
This strategy, which was revealed by the Ministry of Information and Communications (MIC) on October 23, sets out a blueprint aimed at developing a decentralized network, with the goal of positioning Vietnam as a “regional leader” in blockchain technology.
The initiative aligns with the objectives of the Fourth Industrial Revolution, a worldwide effort to incorporate advanced technologies into national economies.
Regulatory Framework and Digital Asset Acknowledgment
The report released today details five primary focus areas directed by governmental organizations, notably the MIC and the Vietnam Blockchain Association.
These focus areas include “improving the legal landscape, developing infrastructure, fostering innovation, and enhancing international collaboration.”
A key goal is the establishment of a robust decentralized network ecosystem, bolstered by national efforts to create decentralized platforms, products, and services.
The government aims to launch 20 significant blockchain brands and develop at least three blockchain testing centers in major urban areas to support research, development, and application of decentralized networks.
Additionally, a significant focus of the strategy is to implement a legal framework that acknowledges digital assets.
As blockchain technology increasingly integrates into finance, supply chains, and logistics, establishing regulatory clarity is vital for the effective progression of decentralized applications.
The strategy outlines the necessity for legal recognition of digital assets to mitigate risks such as money laundering, terrorist financing, and the funding of weapons proliferation.
Moreover, the importance of fostering innovation and international partnerships within the sector is underscored.
Vietnam intends to work with international counterparts to bolster research and development in decentralized networks, paving the way for cross-border collaborations.
Developing a National Blockchain Infrastructure
Another fundamental aspect of the strategy is the creation of a national blockchain network. Vietnam plans to establish at least three testing centers in its major cities to aid in the development and application of decentralized networks.
These centers will function as hubs for research, innovation, and security, providing essential infrastructure to encourage blockchain usage across various sectors.
Moreover, these testing facilities will be instrumental in ensuring the security and dependability of blockchain applications, bolstering trust in the technology from both businesses and consumers.
Image created with DALL-E, chart provided by TradingView.
