Vietnam has made a notable advancement in its blockchain ecosystem by unveiling its National Blockchain Strategy.
This strategy, revealed by the Ministry of Information and Communications (MIC) on October 23, presents a roadmap for developing a decentralized network, with the goal of positioning Vietnam as a “regional leader” in this field.
The strategy is in line with the objectives of the Fourth Industrial Revolution, a worldwide initiative aimed at integrating significant technologies into economies.
Legal Frameworks And Digital Asset Recognition
According to the report released today, Vietnam’s strategy delineates five primary focus areas managed by governmental agencies, including the MIC and the Vietnam Blockchain Association.
These focus areas involve “enhancing the legal environment, developing infrastructure, fostering innovation, and promoting international collaboration.”
A key objective is to establish a comprehensive ecosystem for the decentralized network industry, supported by national initiatives aimed at creating decentralized network platforms, products, and services.
The report highlights that the Vietnamese government intends to develop 20 key blockchain brands and at least three blockchain testing facilities in major cities to boost research, development, and application in decentralized networks.
Another vital component of Vietnam’s Strategy is its aim to create a legal framework that acknowledges digital assets.
With blockchain technology increasingly becoming part of finance, supply chains, and logistics, having regulatory clarity is essential for the seamless evolution of decentralized network applications.
The strategy underscores the necessity of legally recognizing digital assets to mitigate concerns like money laundering, terrorist financing, and the funding of weapons proliferation.
Alongside the legal framework, the strategy accentuates the need to encourage innovation and foster international collaboration within the industry.
Vietnam aims to work with other nations to propel research and development in decentralized networks, opening avenues for cross-border collaboration in the field.
Building a National Blockchain Network
Another significant aspect of the strategy involves establishing a national blockchain network. Vietnam plans to establish at least three testing centers in major cities to facilitate the development and application of decentralized networks.
These centers will act as hubs for research, innovation, and security, providing the foundational infrastructure necessary to propel blockchain adoption across various industries.
The testing centers will also be pivotal in ensuring the security and dependability of blockchain applications, thereby enhancing trust in the technology among businesses and consumers alike.
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