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Vietnam has taken a significant step towards advancing its blockchain ecosystem by releasing its National Blockchain Strategy.
The strategy, announced by the Ministry of Information and Communications (MIC) on October 23, outlines 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 aligns with the goals of the Fourth Industrial Revolution, a global initiative to integrate major technologies into economies.
Legal Frameworks And Digital Asset Recognition
As disclosed in the report published earlier today, the strategy by Vietnam lays out five core focus areas overseen by government agencies, including the MIC and the Vietnam Blockchain Association.
These areas include “perfecting the legal environment, building infrastructure, promoting innovation, and advancing international cooperation.”
One of the standout objectives is the creation of a comprehensive decentralized network industrial ecosystem, which will be supported by national initiatives to build decentralized network platforms, products, and services.
According to the report, Vietnam’s government aims to establish 20 key blockchain brands and at least three blockchain testing centers across major cities to enhance decentralized network research, development, and application.
Another crucial aspect of Vietnam’s Strategy is its focus on establishing a legal framework that recognizes digital assets.
As blockchain technology becomes more integral to finance, supply chains, and logistics, regulatory clarity is necessary 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 the financing of weapons proliferation.
In addition to the legal framework, the strategy highlights the importance of fostering innovation and international cooperation in the industry.
Vietnam plans to collaborate with other countries to advance decentralized network research and development, creating opportunities for cross-border cooperation in the sector.
Building a National Blockchain Network
Another key element of the strategy is establishing a national blockchain network. Vietnam aims to create at least three testing centers in major cities to facilitate decentralized network development and application.
These centers will serve as research, innovation, and security hubs, providing the infrastructure necessary to drive blockchain adoption in various industries.
The testing centers will also play a critical role in ensuring the security and reliability of blockchain applications, promoting confidence in the technology among businesses and consumers alike.
Featured image created with DALL-E, Chart from TradingView
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