The Vietnamese Prime Minister Nguyen Xuan Phuc, just approved a plan to streamline the legal framework for the management of cryptocurrencies such as bitcoin in Vietnam.

In an exciting development establishing the legitimacy of the cryptocurrency, the government of Vietnam has set in motion systems that would recognize bitcoin as a legal currency in the country. This directive will allow the government to explore several aspects of implementing this policy. A regulatory framework should be in place by the end of 2018 and a system for taxing cryptocurrency set by 2019.

 

Prime Minister Nguyen Xuan Phuc
Prime Minister Nguyen Xuan Phuc

 

Vietnam’s move is another signal that bitcoin, and cryptocurrencies in general, are well on their way to legitimization as a truly global currency.

Vietnam? With an estimated 92.7 million inhabitants as of 2016, Vietnam is the world’s 14th-most-populous country. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, Thailand across the Gulf of Thailand to the southwest, and the Philippines.

Is the Bitcoin legal? The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many. It is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.

 

Links: VNA

 


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