In 14th December 2019, the Vietnamese Ministry of Justice has cooperated with Infinity Blockchain Ventures Company (IBV) to hold a Seminar on Building the Legal framework for the application and development of products and services based on Blockchain technology. The seminar aims to promote the implementation of Blockchain in asset management, data, and information authentication, and motivate integration in the digital economy. Participate in the seminar are the representatives of the Vietnamese Ministry of Justice, representatives of the Department of Cyber Security, and the Prevention of High-tech Crime from the Vietnamese Ministry of Public Security and other professionals from Blockchain businesses and organizations. During the seminar, representatives of government agencies expressed their support for the application of Blockchain in their lives and absorbed the opinions of businesses to complete the legal framework for the application and development of Blockchain-based products and services. At the same time, businesses and organizations also explained Blockchain applications based on professional and practical perspectives and highlighted the difficulties remaining when applying Blockchain, from there, both sides can have a comprehensive view on Blockchain application in Vietnam.
Dr.Nguyen Thanh Tu – Director of Civil – Economic Law Department of the Vietnamese Ministry of Justice spoke at the seminar – source: Asia Blockchain Review
The Vietnamese Ministry of Justice also stated that the application of Blockchain technology to the traceability of information, asset management, data and documents without any relation to cryptocurrencies is appropriate, and not violating the law. The representative also acknowledged the outstanding advantages of Blockchain in reducing costs, processing time, increasing transparency, preventing fraud in property ownership, as well as identifying precisely the owner. According to Dr. Nguyen Thanh Tu – Director of the Civil-Economic Law Department of the Vietnamese Ministry of Justice, to promote Blockchain application, the government should pioneer the application of this technology to solve problems related to transparency, and assets identification on a digital platform and create a pilot legal framework. Cooperation between the Government and businesses is needed to push Blockchain adoption in the economy. He also encourages businesses to develop Blockchain products and services to gain broad acceptance from users.
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