Ethereum founder Vitalik Buterin advises Vietnam on blockchain adoption

Deputy Director of Ministry of Information and Communications Nguyen Thien Nghia had a meeting with Ethereum founder - Vitalik Buterin, on the occasion of finishing Ethereum BUIDLATHON 2024 Vietnam. The meeting also had the participation of representatives of the Vietnam Blockchain Union (VBU) .

The Ministry of Information and Communications determines that the future of the IT industry will be the Internet of Things (IoT), artificial intelligence (AI), and blockchain. Therefore, the head of the Department of IT and Communications Industry offered to ask the founder of Ethereum to advise not only on technical aspects but also on policy and economic perspectives for Vietnam.

According to the Ethereum founder Vitalik Buterin, as technology has become more mature, decentralized applications (DApps) on the Blockchain network platform have become known to many Vietnamese people. This will become even more common in the future. More and more people are now involved in developing decentralized applications for millions of users globally. These are aspects that Vietnam needs to pay attention to in promoting the development of this industry.

Vitalik Buterin said he encourages creating a level playing field for participation in new technologies, thereby forming a global ecosystem. Therefore, he also gave suggestions on promoting educational and training activities so that users and developers better understand technology, along with how to use it.

According to Mr. Dinh Le Tuan Anh - the representative of the Vietnam Blockchain Union, Vietnam currently owns one of the largest Web3 developer communities in Southeast Asia with about 400,000 programmers. Web3 is the next step in the development of applications on the Internet. This technology helps users have greater control over their data, instead of having to depend on developers.

This is an advantage and also an opportunity to bring Vietnam to a new level in the field of Web3 development. Vietnam can also become a source of Blockchain outsourcing human resources for many other countries. Vietnam Crypto market report conducted by Coin98 Insights shows that in 2023, the Blockchain field in Vietnam will thrive with the beginning of the formation of several large product ecosystems, capable of complementing each other. Among the projects developed by Vietnamese people, there are many outstanding product ecosystems such as Axie Infinity and Ninety Eight.

In Vietnam, there are currently many Blockchain projects operating, spanning many different fields. Vietnam also has more than 16.6 million people who have experienced digital currency.

In that context, experts advise that to promote the development of the Blockchain industry, Vietnam should have an appropriate sandbox policy to attract Web3 startups, and at the same time, issue the legal framework for crypto asset management.