According to the report, the Vietnamese government is interested in learning how to integrate cryptocurrencies into the country’s financial system. It could be a big win for the crypto community, since the Vietnamese government has not historically been friendly toward digital currencies. The report also says that Vietnam’s central bank has increased its scrutiny of bitcoin and other cryptocurrencies in the country.
Vietnam has started taking action to regulate cryptocurrencies and other digital currencies. The country has recently announced that it will create a crypto research group, that will include members of the government and experts from other related fields to clarify the legal status of cryptocurrencies and develop a framework for their widespread use. Writing: Writing the intro paragraph is a chance to show the client that your command of language is solid and that you can weave together interesting words to create a tapestry of sentences that cannot be denied. Writing: This is a chance to be creative and to show off for the client. They want to know that you can take a topic and summarize it in a unique way and to the point. Writing: You can use this as a chance to showcase
Vietnam is stepping into the cryptocurrency industry, and the government recently hired a research team to do so. Vietnam’s Ministry of Finance is conducting an in-depth investigation into cryptocurrencies with a view to regulation.
One million Vietnamese are reportedly users of cryptocurrencies
According to ASEAN Briefing, the Ministry is trying to collect enough data to clearly determine how to implement the country’s regulatory process. The study comes against the backdrop of the increasing popularity of virtual currencies around the world, the report said.
The government estimates that about one million Vietnamese already use digital facilities and hopes this number will increase by a factor of 30 by 2030.
Vietnam is also seeing growth in cashless payment solutions such as QR codes, e-wallets and mobile apps. The adoption of these technologies received a boost after the government in 2017, at the behest of the prime minister, began to reduce cash transactions by 90 percent by 2020.
The study will focus on the following issues, with an emphasis on existing regulatory frameworks in the United States, Japan, and Europe:
Understand the cryptocurrency industry; recognize the existence of cryptocurrencies by amending existing legislation; create transparent, predictable and effective regulation; create legislation that addresses the high volatility of the market; (…) recommend structural changes by creating mechanisms for oversight of the cryptocurrency market by qualified regulators; (…) recommend tools for these regulators, namely the power to grant, suspend or revoke licenses, regulate business processes.
Cryptocrime on the rise in Vietnam
However, the country’s desire to regulate the digital currency environment comes with the government’s concern over crypto-currency-related crimes, including cyber-hacking and fraud.
The statement cited the example of Modern Tech, a local startup that has raised about $660 million from thousands of Vietnamese through initial coin offerings (ICOs). He adds:
Thus, establishing a legal apparatus for managing and dealing with virtual assets is an urgent challenge for Vietnam. It will also set limits on abuse of cryptocurrency transactions, which is a major concern for the government.
At the time of publication, Vietnam does not recognize cryptocurrencies as a legal currency or tangible asset. Vietnam’s central bank has declared bitcoin (BTC) and other digital currencies illegal, and people who use them for commercial purposes risk fines of up to $8,700 and jail time.
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