Business 28 August 2017

Jasmine Solana

Prime minister prepares to embrace bitcoin legalization in Vietnam

It may have been a long time coming, but Vietnam is finally ready to get on board the cryptocurrency train.

On Friday, Vietnamese news agency VNA reported that Prime Minister Nguyen Xuan Phuc has approved a plan to examine and “streamline the legal framework” for managing digital currencies like bitcoin in the country.

The plan seeks the input of relevant ministries and institutions, including the State Bank of Vietnam, the Ministry of Information and Communications, the Ministry of Public Security, the Ministry of Industry and Trade, the Ministry of Finance, and the Ministry of Justice, who are tasked to “provide a comprehensive assessment and propose suitable solutions and revisions” in the current legal framework.

The ministry officials have until August 2018 to complete the assessment, with all legal normative documents on the currencies ready by the end of next year, according to the announcement.

By June 2019, the ministries are expected to have finalized an application for the compilation of a legal framework on taxes for digital currencies, followed by proposals for prevention and handling of digital currency-related violations by September of the same year.

The prime minister’s approval is a sign that cryptocurrencies like bitcoin will be recognized legally in Vietnam, opening up opportunities in financial technology and online payments in the country.

Vietnamese lawmakers admitted the country is behind other countries when it comes to defining and regulating digital currencies, which is needed especially now that electronic payments and e-commerce are booming in popularity in Vietnam. However, the government was concerned that bitcoin will be used for money laundering activities, or even buy illegal weapons and arms, and enable corruption and bribery. Additionally, state regulators were worried that bitcoin transactions will make it difficult for the government to collect taxes, resulting in losses to the budget revenue due to tax evasion.

If all goes according to the prime minister’s plan, Vietnam will soon join countries like the United States, France, Germany, Britain, Japan and Canada, which have already built legal frameworks and policies to manage business operations that deal with digital currency.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More