Legal framework for smart contracts Some recommendations for Vietnam from the China’s legal system

Abstract

In the era of the digital economy, technology is the key to the remarkable development of all fields, and smart contracts are considered as breakthrough research. In addition to the advantages that smart contracts are delivering, there are many legal concerns around this object that the entitled world is worried about. Vietnam is also one of the countries attracting investment, exploitation, development and application of smart contracts into practice. However, up to now, there has not been any domestic law regulating this type of contract. This article analyses the following issues: Firstly, a general overview of smart contracts. Another issue is smart contracts – related problems and the approach of Chinese legislators. Lastly, this article describes Vietnamese law compared to the adjustment of such contract and orientation to the development of a legal framework.