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Vietnam considers Bitcoin to be a digital asset, researches for managing and monitoring crypto-related activities

How to properly manage cryptocurrency transactions is what governments have set out over the years. In Vietnam, this is still a gray area because of unclear regulations on how to manage it.

Prohibiting or not banning, Vietnam should build a legal framework for these transactions in a safe manner

Starting in 2017 – the time when Bitcoin prices exploded to $ 20,000 – the Prime Minister of Vietnam signed Decision 1255 approving the Project of Completing the legal framework for the management and handling of virtual assets. , electronic money, virtual money. Last March, the Government Office continued to issue an official letter reiterating this request.

However, people are still constantly trading cryptocurrencies and the Vietnamese market is considered one of the most active crypto activities. And also because there are no clear regulations on the management mechanism, monitoring transactions, and issuance, cryptocurrency has been taken advantage of as a channel for money laundering, terrorism financing, fraud, and other non-activities. other methods.

So far, no disputes over cryptocurrencies have been brought to trial. The reason is determined to be because in all existing laws there is no provision for this area, so there is no legal basis to resolve the cases.

In fact, cryptocurrency transactions are global and in Vietnam are taking place under many different names. Therefore, if banned, it not only goes against the trend of the times but also creates an opportunity to deceive ignorant people.

While waiting for a legal framework to regulate virtual assets and virtual currencies, the state management agencies still only propagate and recommend investors to be cautious when participating. Investing in cryptocurrencies to limit potential losses.

Recently, the Ministry of Finance has established a Research Group on virtual assets and virtual money. The ministry will also continue to promote research to propose to the Government a mechanism to manage and monitor activities related to virtual assets and virtual currencies. However, building a complete legal framework requires synchronous and urgent coordination of 12 relevant ministries and branches as directed in Decision 1255 of the Prime Minister.

While the authorities in Vietnam have not clarified the concept of cryptocurrency … so the general policy is not to admit related transactions, at some central banks around the world, national digital currencies. is becoming a trend of development again.

Up to the present time, Vietnam is still in the gray area – neither explicitly banned but also in favor.

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