Vietnam Blockchain Association operates the country’s first legal entity to represent researchers, businessmen, and experts engaging in blockchain technology.
In an inaugural ceremony on May 17, the Vietnamese government recognized the Vietnam Blockchain Association as the trailblazer in helping develop a legal framework for blockchain and increase its positive adoption in Vietnam.
“We hope that the association would gather talents to bolster the research and application of blockchain and play a pivotal role in the national digital transformation and developing the digital economy,” said Tran Van Tung, Deputy Minister of the Ministry of Science and Technology.
Other objectives of the association include bolstering talent, encouraging professional knowledge exchange; making blockchain knowledge accessible; promoting a legal corridor blockchain; and strengthening international cooperation.
To set these objectives in motion, the association has a few action tasks up ahead, such as the conduct of a national blockchain summit, improve research and application related to the Central Bank Digital Currency, and recognize digital assets following the International Financial Reporting Standards (IFRS) in dealing with fraud and dispute concerns.
The association is also expected to promote a safe enterprise chain programme for the metaverse, Web3, and vaccine research, as well as develop a digital assets risk and information management programme is needed in attaining high digital security.
“The Association is to protect their members’ legal rights and benefits in researching, establishing standards, developing and applying blockchain technology in all aspects of society, nurturing the human resource that adapts well to the global Industry 4.0, and contributing to socio-economic development.” said Mr. Vu Chien Thang, Deputy Minister of the Ministry of Home Affairs.
Vietnam ranks second globally in the DeFi Adoption Index and ranks first in the 2021 Global Crypto Adoption Index based on the 2021 Geography of Cryptocurrency Report.
Vietnamese use peer-to-peer (P2P) cryptocurrency exchanges have also become a favorite among Vietnamese due to their accessibility in the country. Many use cryptocurrency to preserve their savings, but individuals with high-financial literacy also utilize blockchain technology to perform international transactions for individual remittances or commercial use, such as buying products for trading.
In 2019, more than half of Vietnamese (59%) showed interest in investing in cryptocurrencies in the future, while 31% said that they would use crypto for online payments. Furthermore, more than 4 in 5 Vietnamese (82%) had a high level of awareness and understanding of cryptocurrencies, while 62% had some level of understanding of cryptocurrencies.