Promoting blockchain application in the digital economy

September 30, 2023 | 08:00

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Blockchain technology will not be able to create breakthrough growth and contribute strongly to Vietnam’s digital economy without a full legal corridor. The message was given at the Application of Blockchain Technology in the Digital Economy conference on September 27.

The conference was organised by the Science, Technology, and Environment Committee and the Vietnam Blockchain Association, with the participation of National Assembly delegates from the Science, Technology, and Environment Committee, as well as representatives of the Economic, Law, Finance and Budget, Justice, Defence and Security, and Foreign Affairs Committees.

Promoting blockchain application in the digital economy

Phan Duc Trung, vice president of the VBA speaking about how blockchain technology works and can be applied in daily life

During this conference for lawmakers, experts representing the Vietnam Blockchain Association (VBA) emphasised the issues related to the legal corridor to promote blockchain technology, outlined their experience in accessing and managing digital assets in other major countries and economies, and highlighted the challenges and opportunities for Vietnamese lawmakers.

Le Quang Huy, member of the Party Central Committee and chairman of the National Assembly's Science, Technology, and Environment Committee, said that the National Assembly highly appreciates the potential of blockchain technology and is considering it to promote development, monetise innovation, and spur economic growth.

“The innovation and technology strategy until 2030 is to apply new science in all fields, with priority given to modern applications such as AI, cloud computing, and blockchain,” Huy said.

According to Hoang Van Huay, chairman of the VBA, many countries and territories such as the US, China, the EU, Japan, Hong Kong, and Singapore have issued regulations on digital asset management to enhance user and investor protection, prevent financial crime, and promote innovation and fair competition.

“Although Vietnam does not have any specific legal documents on digital assets, recently, management agencies have made many positive moves in approaching this new trend,” Huay emphasised.

He feels that Vietnam needs to urgently seize the opportunity to deploy a complete legal system to promote the development of technology in general and blockchain in particular.

Currently, although digital assets do not have a full legal framework in Vietnam, they have been mentioned in a number of legal documents, demonstrating the proactive approach by management agencies and legislative bodies in promoting the development of the digital economy.

The VBA recommends that promoting blockchain in innovation and digital economic development requires legal support, and also proposes that lawmakers approach virtual currencies, cryptocurrencies, and digital assets from the perspective of the 2015 Civil Code when researching and drafting new laws.