Vietnam has taken an important step towards developing its blockchain ecosystem by launching its National Blockchain Strategy.
strategy, Announce By the Ministry of Information and Communications (MIC) on October 23, it sets out a roadmap for the country’s development of a decentralized network and aims to position Vietnam as a “regional leader” in the sector.
The strategy is consistent with the goals of the Fourth Industrial Revolution, a global initiative to integrate key technologies into economies.
Legal frameworks and recognition of digital assets
As revealed in the report published earlier today, the Vietnam Strategy outlines five core focus areas overseen by government agencies, including MIC and the Vietnam Blockchain Association.
These areas include “improving the legal environment, building infrastructure, encouraging innovation, and enhancing international cooperation.”
One notable goal is to create a comprehensive decentralized network industry ecosystem, which will be supported by national initiatives to build decentralized network platforms, products, and services.
According to the report, the Vietnamese government aims to establish 20 major blockchain brands and at least three blockchain testing centers in major cities to promote decentralized network research, development and application.
Another crucial aspect of Vietnam’s strategy is its focus on creating a legal framework that recognizes digital assets.
As blockchain technology becomes more integrated with finance, supply chains, and logistics, regulatory clarity is essential to ensure the smooth development of decentralized network applications.
The strategy emphasizes the importance of legal recognition of digital assets to address issues such as money laundering, terrorist financing and financing of arms proliferation.
In addition to the legal framework, the strategy highlights the importance of promoting innovation and international cooperation in the industry.
Vietnam plans to cooperate with other countries to promote decentralized network research and development, and create opportunities for cross-border cooperation in this sector.
Building a national Blockchain network
Another key element of the strategy is the creation of a national blockchain network. Vietnam aims to establish at least three test centers in major cities to facilitate the development and implementation of the decentralized network.
These centers will serve as hubs for research, innovation and security, providing the infrastructure needed to drive the adoption of blockchain technology across various industries.
The test centers will also play a crucial role in ensuring the security and reliability of blockchain applications, and enhancing trust in the technology among businesses and consumers alike.
Featured image created with DALL-E, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.