Should regulate the use of AI or Blockchain to verify transaction assets

ANH HUY |

Commenting on the draft Law on Assets (amended), the National Assembly Chairman said that it is necessary to regulate the use of AI or Blockchain to verify transaction assets.

On October 23, continuing the program of the 10th Session, the National Assembly discussed in groups the draft Law on Breastfeeding (amended).

Commenting at the group discussion session, Politburo member and National Assembly Chairman Tran Thanh Man said that this is a difficult and complicated draft law. Therefore, it is recommended that the examining agency continue to review potential issues that may arise in the draft law.

Typically, the risk of abusing recovery procedures. The National Assembly Chairman said that prioritizing independent recovery could be taken advantage of to prolong the time leading to property loss or affecting the rights of creditors.

Second is the impact on the state budget. This issue, according to the National Assembly Chairman, must be avoided by the regulation of advance payment from the budget, causing waste and uncontrollability.

It is necessary to assess the financial impact and regulate specific funding sources according to the Budget Law that we have just passed at the 9th Session - the National Assembly Chairman emphasized.

Another issue is authority and dispute. Assigning the court to resolve all related disputes from the arbitration court is very positive but can lead to overlap with other laws such as the Civil Code or the Law on Commercial Arbitration. It is necessary to review to avoid conflict.

The lack of detailed regulations on synchronous property sales, although considered an important stage, the law only regulates the principles and assigns the Government to guide, which can slow down the implementation to handle assets.

From the above analysis, the National Assembly Chairman proposed to strengthen the mechanism for monitoring and combating abuse. Maximum regulations should be added for recovery procedures.

For example, no more than 6 months, no more than 12 months, accompanied by an independent supervision mechanism of a state agency or a credit institution board.

Complete regulations on budget finance. To avoid waste, it is necessary to clearly stipulate the criteria for cost advance payment from the budget.

Only applicable to businesses that no longer have assets and have recovery potential, combined with a mechanism for refund after selling assets. At the same time, integrate tax support such as extension and deferral with current tax laws.

At the same time, build an online registration system to increase quantity and quality. This will help reduce processing time and increase the confidence of foreign investors.

Integrating deep technology, in addition to digital electronics, it is recommended to regulate the use of AI or Blockchain to verify transaction assets, helping to make the distribution of assets as an online system for virtual credit conference transparent, reducing travel costs.

I know the court uses many digital transformations, digitalization, and technology, but we go one step further, which is to use AI or Blockchain to integrate technology more deeply, the National Assembly Chairman emphasized.

Regarding impact assessment and implementation monitoring, the Government should establish an implementation supervision committee for 2-3 years, collect feedback from businesses and courts for timely adjustment.

ANH HUY
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