In a move towards technological advancement, Vietnam announced the launch of a comprehensive national blockchain strategy, according to a report from the country’s Ministry of Information and Communications this week.
The strategy, signed and published by Deputy Prime Minister Ho Duc Phuc, sets an ambitious goal to position Vietnam as a leader in blockchain research, deployment and application by 2030. The strategy aims to promote blockchain growth in the country and foster a vibrant blockchain ecosystem. Platforms, Products and Services. Additionally, the strategy emphasizes the importance of investing in human capital and developing a skilled workforce that can drive blockchain innovation and adoption. To achieve these goals, Vietnam intends to actively participate in international blockchain initiatives and cooperation.
To realize these ambitious goals, the strategy outlines a five-point action plan. First, it calls for the establishment of a strong legal environment that supports blockchain development and adoption. Second, the strategy emphasizes the need to build the necessary infrastructure and foster a vibrant blockchain industry ecosystem. Third, we emphasize the importance of investing in human capital by investing in blockchain education and training programs to develop a skilled workforce. Fourth, the strategy encourages the development and application of blockchain across different sectors. Finally, it will foster research, innovation, and international cooperation in blockchain technology.
According to the report, the Vietnam Blockchain Association (VBA) will play a central role in implementing the strategy. VBA will focus on contributing to the development of domestic blockchain platforms and promoting their adoption, promoting cooperation among Vietnamese digital technology companies, and developing a legal framework that supports blockchain.
Vietnam has also taken important steps to establish a legal framework for digital assets. The inclusion of digital assets in the Digital Technology Industry Bill recently approved by the National Assembly Standing Committee is an important development in the fight against money laundering and terrorist financing. This is also an important step towards removing Vietnam from the Financial Action Task Force (FATF) gray list.
Nominal virtual currency introduction in Vietnam
Despite the lack of formal legislation, Vietnam is the country with the most advanced cryptocurrency adoption in Southeast Asia. Also, Bitcoin breaks through resistance levels, another top executive leaves Binance, and BitDigital branches into AI infrastructure.
Despite the lack of formal laws regarding digital assets, Vietnam is one of the countries in the world to adopt cryptocurrencies. According to a recent study by Chainalysis, Vietnam ranks fifth in global cryptocurrency adoption in 2023 and second in Southeast Asia after Indonesia.
The Global Crypto Adoption Index is measured by transaction volume and protocols based on web traffic patterns and weighted by characteristics such as population size and purchasing power.
