Lack of policies that block the progress of the blockchain

CEO of blockchain technology platform Vuong Minh Long (Photo:

Hanoi (VNS / VNA) – Despite being seen as a potential blockchain
developing country, Vietnam lacks an adequate legal framework to prevent it
the country maximizes the benefits of the emerging industry.

Vietnamese business man Vuong Quang Long runs
Tomochain, but is based in Singapore because he said the government
there are better policies to attract international investments.

"When it came to the initial offer of coins (ICO),
Tomochain needed lawyers who understood the country where the company is located
based and registered. We could not find it in Vietnam, "Long

He said he expects Vietnam to develop a lawyer soon
framework that allows local businesses to attract foreign investment and develop their own

Long-recommended government agencies recognize the
evaluation of digital resources, set up a cross-sectoral committee to track the
development of the sector and emission policies on the creation of a
investment pool.

A large number of Vietnamese people are not fully
aware of blockcoin and criocurrency bitcoins and often exchange them, second
to Nguyen Van Vung, founder of the Bigbom technological firm.

Blockchain experts have said that the use of technology
it could help users save 30-50 percent of their expenses as these apps could help
improve the quality of production and transparency in finance and

For example, if Uber and its partner drivers are running
the app on blockchain technologies, it would be easier for regulators
monitor the market and the information of both drivers and travel would be more

QNET is developing a system to manage loans
portfolios for commercial banks, according to the head of the company's blockchain
Dang Minh Tuan development center.

"During the development of the program, we must do
sure that every portfolio is unique and nobody is allowed to change the profile "
Tuan said.

"So the transparency of the banking system is
guaranteed and minimizes the possibility of risks such as a loan profile
used in different banks or a banker can change the profile one for the other
illegal transactions. "

But there is plenty of space for the industry in
other countries to develop further, even if the applications are still in the
initial phase. Japan has enacted a law on payment services, which was amended in 2016,
saying that digital currencies are considered payment instruments by necessity,
not large-scale business.

This could be the reason why Vietnamese legislators
they remained hesitant to develop a legal framework suited to the needs of the
companies that use blockchain technologies and applications.

Nguyen Thanh Tu, Director of Economics e
Civil Law at the Ministry of Justice, said the ministry has begun
the development of a regulation on the management of cryptocurrencies in 2016-2017. The ministry
he is reviewing all digital assets and legal practices to propose the best
solutions to the Prime Minister.

Tomochain has long said the question of digital resources
it was determined by the market, not by the regulator. This is a trend and if Vietnam
fully develops its own legal framework to support blockchain businesses, the
The industry will grow strongly and will attract great support from the private sector in
both local and international markets. -VNS / VNA

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