In an announcement on October 23, Vietnam launched its National Blockchain Strategy, establishing ambitious targets to enhance its blockchain capabilities.
According to Vietnam, blockchain is a critical technology in the Fourth Industrial Revolution.
By 2030, the project hopes to establish the country as the region’s premier center for blockchain innovation, application, and research.
According to the paper, blockchain was recognized by the Vietnamese government as a critical technology in the Fourth Industrial Revolution, indicating its significance for further advancement.
According to Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, the policy is a turning point for Vietnam. It demonstrates the government’s dedication to creating an open, secure, and long-lasting digital economy.
Vietnam’s idea for blockchain
The country wants to lead blockchain technology by advancing its development, implementation, and use.
The nation aims to establish a solid global footprint by 2030 by cultivating trustworthy blockchain companies and creating vital infrastructures to facilitate innovation. Additionally, this plan seeks to establish Vietnam as one of Asia’s premier blockchain training and research locations.
The plan lays out a thorough plan to quicken the development of blockchain technology, which includes strengthening the legal structure and developing a robust industrial environment.
To guarantee that the country has the trained labor force required to support this developing technology, the nation also strongly emphasized human resource development. The Asian country also wants to increase research and international cooperation to become a significant force in blockchain-driven innovations globally.
Digital Assets
Meanwhile, the legal acknowledgment of digital assets is a critical strategy component. Vietnam intends to harmonize its regulatory framework with global norms to guarantee that digital assets are accepted by the law and safeguarded as intangible assets.
Civil law, intellectual property laws, and other pertinent legislation will protect these assets under property rights.
By regulating digital assets by international norms, the government’s approach highlights its dedication to stopping money laundering, terrorist financing, and WMD spread.
Given that the nation is among the top five in the world for the adoption of cryptocurrencies, the move is not surprising.