Vietnam gov’t changes course, legalises cryptocurrencies

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Roundabout in Nha Trang, Vietnam @ Arno Maierbrugger

The Communist government of Vietnam has obviously warmed up to digital currencies, including Bitcoin, and is preparing to legalise them under a new plan approved by the prime minister after years of opposition and warnings against the popular computer-generated money.

According to state news agency VNA, Vietnamese Prime Minister Nguyen Xuan Phuc has asked the Minister of Justice to coordinate with other top officials, including from the State Bank of Vietnam and the Ministry of Finance, to draft a framework for cryptocurrency legalisation by August 2018 so that the legal documents could be finalised by the end of the year.

A new regulatory framework for Bitcoin & Co. will particularly lay emphasis on tax issues revolving around cryptocurrencies and penalise violations of the regulations, the agency said.

The move towards legalising Bitcoin represents a change of mind of the Vietnamese government. Back in 2014, the State Bank of Vietnam ruled out that cryptocurrencies were “a valid form of payment or settlement” within the nation. The government issued repeated warnings about Bitcoin in the years that followed, although it did not prohibit its citizens from using any cryptocurrency. Earlier this year, however, the State Bank created a FinTech steering committee to promote the development of Vietnamese financial technology startups.

Many observers anticipate Bitcoin will flourish in Vietnam. As one of the world’s fastest-growing economies, many of its citizens now have access to smartphones but have never used traditional banks.

Bitcoin and other cryptocurrencies are now legal all over Southeast Asia. Only a few countries in the world, including Saudi Arabia, Bangladesh, Kyrgyzstan, Bolivia and Ecuador, still keep declaring them to be illegal.

The exchange rates between the Vietnamese dong and Bitcoin are, in fact, a bit quirky (as per August 28):

1 BTC = 97 825 840 VND
1 VND = 0.0000000102090 BTC

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Reading Time: 1 minute

Roundabout in Nha Trang, Vietnam @ Arno Maierbrugger

The Communist government of Vietnam has obviously warmed up to digital currencies, including Bitcoin, and is preparing to legalise them under a new plan approved by the prime minister after years of opposition and warnings against the popular computer-generated money.

Reading Time: 1 minute

Roundabout in Nha Trang, Vietnam @ Arno Maierbrugger

The Communist government of Vietnam has obviously warmed up to digital currencies, including Bitcoin, and is preparing to legalise them under a new plan approved by the prime minister after years of opposition and warnings against the popular computer-generated money.

According to state news agency VNA, Vietnamese Prime Minister Nguyen Xuan Phuc has asked the Minister of Justice to coordinate with other top officials, including from the State Bank of Vietnam and the Ministry of Finance, to draft a framework for cryptocurrency legalisation by August 2018 so that the legal documents could be finalised by the end of the year.

A new regulatory framework for Bitcoin & Co. will particularly lay emphasis on tax issues revolving around cryptocurrencies and penalise violations of the regulations, the agency said.

The move towards legalising Bitcoin represents a change of mind of the Vietnamese government. Back in 2014, the State Bank of Vietnam ruled out that cryptocurrencies were “a valid form of payment or settlement” within the nation. The government issued repeated warnings about Bitcoin in the years that followed, although it did not prohibit its citizens from using any cryptocurrency. Earlier this year, however, the State Bank created a FinTech steering committee to promote the development of Vietnamese financial technology startups.

Many observers anticipate Bitcoin will flourish in Vietnam. As one of the world’s fastest-growing economies, many of its citizens now have access to smartphones but have never used traditional banks.

Bitcoin and other cryptocurrencies are now legal all over Southeast Asia. Only a few countries in the world, including Saudi Arabia, Bangladesh, Kyrgyzstan, Bolivia and Ecuador, still keep declaring them to be illegal.

The exchange rates between the Vietnamese dong and Bitcoin are, in fact, a bit quirky (as per August 28):

1 BTC = 97 825 840 VND
1 VND = 0.0000000102090 BTC

Do you like this post?
  • Fascinated
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