Da Nang approves controlled pilot of Basal Pay blockchain platform

The Basal Pay project has been approved by the Da Nang People’s Committee for a time-limited controlled pilot. Photo: Văn Hoàng.

The platform seeks to integrate blockchain technology with traditional finance to enable transparent and automated exchanges between digital assets and fiat currencies, while complying with international standards on anti-money laundering and counter-terrorism financing.

The pilot programme will run for 36 months at two locations: the Da Nang Startup and Innovation Support Center, and the Centralized Information Technology Park – Software Park Buildings 1 and 2.

The phases include: platform setup (months 1 – 6), limited trial (months 7 – 12), expansion (months 13 – 24), comprehensive evaluation (months 25 – 30), and long-term deployment (months 31 – 36).

Upon completion, Da Nang aims to scale the solution citywide and expand to major urban centers such as Ha Noi and Ho Chi Minh City.

Authorities will assess the technical integration of blockchain with Vietnam’s financial systems, particularly in transaction recording and settlement, as well as the feasibility of cross-border digital asset transfers.

The pilot will also examine how tokenized assets can be converted into lawful cash flows within the Vietnamese economy.

The initiative aligns with the Prime Minister’s Decision No. 1236/QD-TTg, which outlines a national blockchain development strategy through 2025 with a vision toward 2030.

It also supports the government’s push to foster fintech innovation and accelerate digital economic growth.

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