Vietnamese experts in banking and finance are calling for a proper legal framework to minimize risks stemming from the adoption of blockchain technology in the industry.

Financial transactions and investment decisions are becoming easier, quicker, and more convenient thanks to blockchain technology, according to Sanjay Chakrabarty, Deputy General Manager of Orient Commercial Bank (OCB).

Chakrabarty believes the Vietnamese banking and finance industry is ready for emerging technologies, including blockchain, which he thinks has great potential to spur the country’s economic growth. However, he cautioned that it won’t be easy to build a business ecosystem on a countrywide scale based on such a platform.

Ngo Tan Vu Khanh, Director of Kaspersky Vietnam, lamented that the wider application of blockchain technologies, such as ‘insurtech’ in insurance and ‘fintech’ in finance, tended to go beyond the control of management agencies and the current legal framework.

Meanwhile, Robert Trong Tran, PwC Vietnam’s Director of Cybersecurity and Privacy Services, stated that blockchain-based technologies like digital currencies are risky, noting that a significant percentage of cryptocurrency transactions are linked to criminal activities.

Duong Nhu Hung of HCM City University of Technology warned, “Imagine what will happen if Bitcoin is allowed to be used widely. It will be very difficult to implement monetary policies effectively, resulting in a loss of control over macro-economic balance.”

The experts recommended that a proper statutory framework be developed to keep tabs on the application of blockchain-based technologies, while calling on local banks to find the best way to employ digital and data technologies to elevate customer experience and trust, automate business processes, and improve regulatory compliance.

Source: english.vietnamnet.vn

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