Vietnam regulators look to roll out legal frameworks and regulations to manage bitcoin and its transactions. Vietnam regulators recognize the benefits of bitcoin, as much as the vulnerabilities that bitcoin is susceptible to.
Coupled with the rise of bitcoin use throughout Vietnam, the regulators have called for legal frameworks to be in place.
Similar to other countries, Vietnam regulators will address bitcoin in the four major areas:-
- Taxes on investments
- Trading regulations
- Governing of exchanges
- Prohibited transactions
Digital Assets vs Prepaid Phone Cards?
Interestingly enough, Vietnam regulators do have provisions for digital assets in place but are not exhaustive. The regulators had wanted to categorize bitcoin with game credits, prepaid telephone cards or other prepaid cash-equivalent cards.
However, due to the value and ever-expanding usage of bitcoin, Vietnam regulators had decided to roll out regulations to govern it apart from the mentioned digital assets.
Devaluing of Vietnamese Dong... Will We Be Seeing a BTC Bullrun?
The news of Vietnam regulators looks to regulate bitcoin came in timely with the news where the State Bank of Vietnam refuted rumors of currency change and devaluing of Vietnamese Dong on purpose.
In a defensive statement, the State Bank said the rumors were based on false information and evil intentions. The recent rumors, and the weaken Vietnamese Dong, incited Vietnamese to hoard on to gold, foreign currencies, and possibly bitcoin.
The Ponzi Scheme Scare
Two months ago, more than $1 million worth of bitcoin was lost in a Ponzi scheme in Vietnam. This has left fears amongst the bitcoin investors in Vietnam. The Vietnam regulators have intervened at the right time to roll out the legal framework for bitcoin. The legal framework will boost the confidence of bitcoin investors in Vietnam. Together with the 10-months of weakened Vietnamese Dong, the Vietnamese may have a safer safe haven to look forward to now.
Knowing that no one pleases everyone and there is a flip side to every coin, including Bitcoin. Whether you agree, agree to disagree, or the opposite, do not just take my words for it, be sure to look it up.
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I saw ,a few months ago, a remark by someone in a financial newsletter that nobody in Thailand would buy the Vietnamese Dong, saying that they don't want to have anything to do with it.
Use bitcoin...
=)
I really enjoyed this article. I think its too bad for the ponzi scheme i heard about in another. I want the community to grow in vn really
Just to add to this article. Currently, the State Bank of Vietnam doesn't recognise Bitcoin as a form of payment (or currency). Vietnamese Dong is the only currency can be used to transact in Vietnam.
Source: http://vietnamnews.vn/economy/416480/sbv-says-bitcoin-prohibited-in-viet-nam.html#1YX4fhJ9f3XSKagb.97