Vietnam has taken an important step in developing its blockchain ecosystem by releasing its National Blockchain Strategy.
The strategy, which was announced by the Ministry of Information and Communications (MIC) on October 23, outlines a roadmap for the development of the country’s decentralized network and aims to position Vietnam as a “regional leader” in this field.
This strategy is in line with the goals of the Fourth Industrial Revolution, a global initiative to integrate technology into the economy.
Legal Frameworks and Recognition of Digital Property
As revealed in a report published earlier today, Vietnam’s strategy lays out five focus areas that government agencies, including the MIC and the Vietnam Blockchain Association, are looking at.
These areas include “perfecting the legal situation, building infrastructure, promoting innovation and promoting international cooperation.”
One of the prominent objectives is the creation of a comprehensive industrial network system, which will be supported by national efforts to build network platforms, products, and distributed services.
According to the report, the Vietnamese government intends to establish 20 key types of blockchain and at least three blockchain testing centers in all major cities to promote decentralized network research, development, and implementation.
Another important aspect of Vietnam’s Strategy is its focus on establishing a legal framework that recognizes digital assets.
As blockchain technology becomes part of finance, supply chains, and logistics, regulatory clarity is needed to ensure the smooth development of network applications.
The strategy emphasizes the importance of legal recognition of digital assets to address issues such as money laundering, terrorist financing, and 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 the research and development of decentralized networks, creating opportunities for cross-border cooperation in this field.
Building a National Blockchain Network
Another key aspect of the strategy is establishing a national blockchain network. Vietnam intends to create at least three test centers in major cities to facilitate network development and deployment.
These institutions will serve as research, innovation, and security centers, providing the infrastructure needed to further the adoption of blockchain in various industries.
Testing institutes will also play an important role in ensuring the safety and reliability of blockchain applications, promoting confidence in the technology among businesses and consumers alike.
The featured image was created with DALL-E, a Chart from TradingView
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