Vietnam’s deputy prime minister is leading the initiative to make crypto legislation.
Vietnam has been one of the Asian nations with a strong anti-crypto stance. In 2018 reiterated its Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. ban an issue I had already discussed the Central Bank the previous year . In fact, I had previously recommended citizens not to invest investing is when you put money in a financial scheme with the intent of making a gain. in crypto . What there was interest in, as expressed last year, is in make your own central bank digital currency, CDBC .
But now there seems to be a shift from prohibition to clear rules, i.e. legalisation.
According to reports, Vietnam is creating a legal framework for cryptocurrencies. The country’s Deputy Prime Minister Le Minh Khai instructed the Ministries of Finance, Justice, and Information and Communications to work with the central bank, the State Bank of Vietnam, and other agencies on this crypto law.
The deputy prime minister specifically charged the Ministry of Finance with the primary responsibility for reaching agreement with other regulatory agencies and the central bank to identify specific laws to be amended, supplemented and enacted, as well as recommending a specific timeframe for implementation.
The legal framework for cryptocurrencies will be created in accordance with the details set out in Decision 1255, issued by the Vietnamese Prime Minister on August 21, 2017. Decision 1255 approves a plan to develop a legal framework for the management and handling of “virtual assets, digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies and virtual currencies”.
In November 2018, some proposals to regulate cryptocurrencies were presented, but no decision was made. As we said, there was no concerted decision and important sectors were betting on a ban.
Bitcoin.com recalls that according to a government report on the implementation of Decision 1255 dated February 17, 2021, the Ministry of Finance had established a study group on cryptoassets with the aim of making recommendations on the legal framework for the supervision of crypto trading and issuance activities.
However, this situation has not been an impediment to the use of crypto in the country. According to Bitcoin.com, Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ownership in Vietnam has grown significantly in recent years. Research referenced by that media outlet shows that more than 5.9 million people, or 6.1% of Vietnam’s total population, currently own cryptocurrencies. A survey conducted by Finder.com shows that – comparatively – Vietnamese respondents have the highest percentage of cryptocurrency ownership.
Version of DiarioBitcoin
Imagen de Unsplash