RMIT Vietnam NewsRMIT’s CODE at the forefront of new technology in Vietnam

RMIT’s CODE at the forefront of new technology in Vietnam

Wednesday, October 30, 2019 - 09:42

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.

Blockchain Innovation Hub’s Aaron Lane (left) with CODE Director Associate Professor Jerry Watkins (right) at the Ministry of Justice conference.

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