The challenge for Blockchain remains unclear legal basis

That was one of the shares of Mr. Phan Duc Trung, Permanent Vice President of Vietnam Blockchain Association at the ceremony to celebrate the 1st anniversary of the Association's establishment.

Mr. Phan Duc Trung, Vice President of Blockchain Association, shared at the One Year Anniversary Ceremony of the Vietnam Blockchain Association. Photo: Le My

At the ceremony, Mr. Hoang Van Huay, Chairman of the Vietnam Blockchain Association, said that after one year of establishment, the Association has made great contributions to economic and social development by popularizing this technology widely to businesses and the technology community across the country; Promoting the training of Blockchain human resources in key industries, especially universities; Promoting the application of Blockchain technology in technical economic industries to meet social development.

According to Mr. Hoang Van Huay, the initial success of the Association is that Blockchain technology has been spread into the country's economic and social sectors and in the near future will continue to gather forces to promote the development of this new technology.

Speaking at the event, Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, said that in 2023, the Association will promote the improvement of the quality of participating members; Support fundraising for domestic Blockchain startup projects, especially linking with national universities to support student startups. This fundraising will be conducted from domestic and international funds.

However, one of the major challenges to developing Blockchain technology in the country, according to Mr. Phan Duc Trung, is that there is still no clear legal basis for this field and that is one of the barriers to development.

Speaking on this issue, Mr. Tran Van Tung, Deputy Minister of Science and Technology, also suggested that the Association should research, propose and advise state management agencies to soon complete the legal basis on Blockchain, to promote the development of this industry; Support the use of Blockchain technology to participate in the construction of large databases to serve digital transformation; At the same time, it is necessary to combine training to create a team of Blockchain workers with qualifications and expertise equal to experts in the world; Create a Blockchain connection network both domestically and internationally, especially in the issue of startups.

When Vietnamese people buy land and recruit people using Blockchain technology , Blockchain technology is increasingly showing its influence in Vietnam and is expected to play an important role in the digital economy.

Source