FILLING THE LEGAL GAP IN THE BANKING AREA IN VIETNAM BEFORE INDUSTRY 4.0 PRESSURE
DOI:
https://doi.org/10.53555/eijbms.v7i2.116Keywords:
Industry 4.0, legal, banking area, fillingAbstract
Since 2016, with the appearance of products of industry 4.0 such as block chain, and products of the block chain associated with banking business area, has created many legal issues that need to be resolved.
Block chain eliminates the third parties/intermediaries in transactions. Therefore, how should the role of financial intermediaries be redefined for the present and the future? What legal risks can happen to Vietnamese investors in the market? There is no clear explanation/statement to answer those questions.
What is the legal definition of crypto currency? What role does it play in financial transactions such as investment? Can we use crypto currency as a payment method? These issues have not been resolved in Vietnam either in theory or by noting in a legal document.
As industry 4.0 is based on a big data system, the current managements, administrations, and identifications that credit organizations are implementing have become obsolete and need an overhaul. Current Vietnamese law has not been able to solve this issue.
The above loopholes need to be reviewed and identified a solution. Also, it is necessary to study and understand other countries’ law adjustments that may be applied and considered to adjust Vietnamese legal system. This article is intended to solve these problems as below.
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