Alongside key players in technology in the public and private sector in Vietnam, the Ministry of Justice invited RMIT’s Centre of Digital Excellence (CODE) to address a conference on the complexities of introducing blockchain and distributed ledger technology into Vietnam.
CODE Director Associate Professor Jerry Watkins and Blockchain Innovation Hub’s Aaron Lane attended the Dialogue on Blockchain-based Application Legal Framework in Hanoi last month.
The event focused on possible approaches to cryptocurrency regulation as well as the lack of a taxation system on cryptocurrencies. Mr Lane presented current research on ‘crypto friendly indexes’ as a possible framework for Vietnamese regulators who are looking to adopt best practice in policy formulation.
RMIT Vietnam School of Business & Management Acting Discipline Lead, Finance Dr Binh Nguyen believes that blockchain can increase information security and therefore play a pivotal role in reducing information costs, ultimately resulting in a more efficient economy and society.
“Vietnam is still at the early stages of blockchain adoption and only has a small number of on-chain projects,” Dr Binh said.
“The slow adoption is mainly driven by the lack of regulation of blockchain applications, particularly in finance, and a shortage of business decision-makers who understand this new technology.”
According to Dr Binh, RMIT will continue to educate and support business decision-makers and government with blockchain in Vietnam, and advise on the essential regulatory frameworks required to enable the adoption of blockchain-based applications.
Story: Jamila Ahmed