The process of creating a legal framework in order to support crypto transactions is a long-standing one. It requires a series of actions from state structures and strong collaboration regarding their infrastructure. This is being considered by the Deputy Prime Minister of Vietnam who asked the main characters of this movement to find a way to implement new laws in the context of crypto payments.
Who is deciding the new crypto order in Vietnam?
This is pretty simple actually, because of what the legal procedure implies. The Ministry of Finance should collaborate with the central bank and other governmental structures in order to adapt the current laws to the way crypto transactions work. But for that to happen, it is mandatory for the consequences to be strongly analyzed enough to ensure the digital assets trading’s safety.
On 21st of August 2017, the prime minister issued the Decision 1255 through which he approved a plan to develop a legal framework for virtual assets. These amendments will be taken in consideration now, when the whole system is getting ready to find the best way to embrace digital currency trading.
The Ministry of Justice will be as well included in the decision-making process, having a strong opinion about how crypto implementation will be handled in the country. By combining their efforts with the intermediate role of Information & Communications Ministry, the legal setting will be a very defined and thoroughly documented one.
What are their main goals?
After firstly banning cryptocurrencies in the past, Vietnam allowed its citizens to use Bitcoin as a legal payment method in 2017. One year later, it was considered illegal once again. After another two years, the government finally decided to create a specialized group in order to research developments in the virtual asset market.
Now, they’re investigating every possibility to benefit from crypto trading, preparing its legal framework within the Vietnamese territory. As long as the government will see both advantages and disadvantages from an objective point of view, every investor should be safe. It is really important to cover every debatable point, so people would have full trust in the national trading system so the country would benefit from it.
We believe that creating the best environment for virtual assets development in the country would encourage people to choose their national system, instead of taking their money overseas. This could bring large amounts of funds to the local community, that could be further invested in education, defense, medical system and so on.