Developing countries are keen to adopt crypto to escape inflation, currency controls, government distrust, and to ensure safer investments. Now, it’s Vietnam’s turn to seek benefits from cryptocurrency, as according to a local media outlet, the country’s authorities are working on paperwork to legalize cryptocurrencies.
Deputy prime minister of Vietnam, Le Minh Khai, gave instructions to the Central Bank and Ministries of Finance, Justice, Information & Communications to build a legal framework for digital assets to legalize cryptocurrency in the country.
Khai issued a notice on March 23 asking authorities to work on laws and regulations so that the crypto industry can be legitimized and regulated. The report states:
“This is being done to complete the legal framework for the management of virtual assets, virtual currencies, digital assets, and cryptocurrencies in accordance with Decision 1255.”
Decision 1255, issued in August 2017 by Vietnam’s prime minister, ordered the authorities to study digital assets, explore their utility for the country and their relationship with traditional currencies.
On the Flipside
- According to a report by Vietnamnet, Vietnam is also planning to launch a CBDC (Central Bank Digital Currency) under the strategy to develop e-commerce for the Digital Government from 2021 to 2025.