Bitcoin Forum

    For some time now, Vietnam has had a decisive conflict to allow the use of Bitcoin in its territory, authorizing and disavowing it; however, the possibility that the latter is definitively legalized throughout the country has not yet been ruled out, which is why the Deputy Prime Minister, Le Minh Khai, asked the Ministry of Finance to consider re-examining how profitable the incorporation of this digital asset and proposed to build a legal framework for the crypto market; According to Vietnam Net, "the Ministry of Finance would work together with the Ministry of Justice, Information and Communications and the State Bank of Vietnam to develop a regulatory framework for the digital asset market", together they would analyze the pros and cons,  addition of its effect in the economy, to provide greater stability.

What are the chances that the Vietnamese authorities, by making this decision, will not change
 opinion again?


https://i.imgur.com/jozfjz2.jpg

SOURCE: https://cointelegraph.com/news/vietnamese-deputy-pm-calls-for-building-legal-framework-for-digital-assets

they are seeing that more developed countries are totally accepting the crypto industry. why not them? they will be left behind by this technology. because sooner or later, even if they don't accept this market, other neighbouring countries will enjoy the benefits of this industry. and they've seen it with their own eyes, during crisis, crypto is one very good option to use like in this war crisis. sending borderless is one outstanding feature of bitcoin. and they are realising the potential of this digital currency. it is not the loss of the crypto community if they won't join though.

bitcoin is currently an investment that is very popular among foreign countries and there are even some countries that are starting to adopt bitcoin widely among their people, change the topic this time Vietnam will try to legalize bitcoin in countries based in southeast Asia, if this can be realized it is certain that Vietnam will be the first country to legally adopt bitcoin, we really hope that with many countries interested in bitcoin at least it will be able to increase the stability of bitcoin in the global stock market

With a population of more than 98 million the country getting into the plans of developing framework for the legalised usage of bitcoin shows that there is more countries getting into cryptocurrency from Asia against the western nations. It is the country to show interest on bitcoin adoption even before most of the growing countries.

Every country wants to enjoy the good thing of bitcoin, but they lack the proper framework. Maybe within the next few months we can expect Vietnam getting added to the list of crypto friendly countries list.

I think the crypto situation in Vietnam is not that bad since they are not really prohibited from investing. They also allow exchanges to operate but it's still a wasted opportunity for them not to allow usage of crypto and limit  it to trading. There are a lot of play to earn games incubated or developed from companies in Vietnam. The creator of Axie - Sky Mavis - have generated a lot of income for many Vietnamese and for themselves for sure.

Speaking with Axie then for sure they had made out some good revenue or taxes from it considering that it was really a good game which generated millions of dollars which government could really take out
advantage or benefit if they would really be allowing or legalized crypto related businesses and other industry focused type which countries should really look upon or making out some priorities.
Any news and events in talks about consideration on legalizing bitcoin then it do always end up on a good news.Any of it attaches with adoption then it does shows that recognition is really that gradually
increasing which is a win situation.

That's the truth :) I know Vietnam has always been a leading country in terms of trends in this market, but their product technology is bad. Although I don't want to say this, but the crypto space in Vietnam is still too young. Many people are still stuck with knowledge or dragged into trends. If the fact that Vietnam is legal for BTC, I think there will be more information. If I remember correctly, they have also been researching CBDC.

Not really sure, they are under a authoritarian government right? And obviously they want to control everything. So allowing bitcoin to be freely used by everyone would go against the tenant of their beliefs. Unless they really see the benefits of having bitcoin legalized,  specially if more countries that they make trade will allow it as an option, then maybe they will be bitcoin friendly, but I will take everything with a grain of salt right now.

It'll be interesting to see which countries adopt a Bitcoin standard and when. El Salvador happened to have a very popular president who wanted to do it and whose party controlled the vast majority of their legislative body. Various other nations have parts of their government/politicians who want to adopt a Bitcoin standard but it seems they don't have the sort of total control over government to take such an action. Hopefully we'll see several more nations adopt a Bitcoin standard though over the next two or three years, to start a trend and make it more and more easy for other nations who are on the fence to do it as well.

Opinion can change at any point in time as other factors changes but laws are always difficult to change because of personal interests. If Vietnam were to legalise bitcoin and I do hope they do, it will open the doors for more countries to also pass favourable legislation on bitcoin.

From this news to really legal tender, it is a very long journey and in a nation like Vietnam, with centralized power in government, you don't know what they will do. If they want to make it legal tender, they can do it shortly. If they want to stop it, they can do it quickly too. Because the global trend is for adoption on Bitcoin and cryptocurrency and soon legal tender, Vietnam will not stay outside.

Blockchain brings wealth to people, companies and government will take advantage of it by tax.

Recently I saw the states of Asia, Vietnam, Singapore, Malaysia have started to implement legal rules for Bitcoin, on the one hand this is positive and good news for crypto users in Asia.

I believe that in the next few years, crypto, especially Bitcoin, can become one of the digital assets used for transactions in general, I mean buying goods and payments at malls, restaurants and so on, maybe asia especially vietnam realize bitcoin can boost vietnam economy in the future, this is good news if they consider like OP said.

What is clear is that the most favorable regulations to Bitcoin and to consider it as a legal tender will be established first in countries not as developed as the USA or the EU.

At first the states do not like the Bitcoin because it is something they can not control, nor print massively through central banks. In the face of these disadvantages, less developed countries find advantages, as in the case of El Salvador with the savings in remittance commissions and the benefits of foreign investment in the country.

Although in the case of Vietnam it does not seem that they will go that far and it will be a regulation as a financial asset with payment of taxes on capital gains.

Little to zero! Judging by their previous history, I have a strong feeling that they'd suffer the same fate as China ^{[this is just a game for them]}!

That's correct and I'm probably going to sound like a pessimistic person, but as soon as it's ready ^{[might take a few years]}, I expect to see some twists...

I was also thinking a lot of possibilities too that bitcoin will become one of the digital assets used for transactions globally and with the usecase and the worth of this digital currency I would not doubt that one day will come we all gonna see this coming true in reality. Now compare before, we heard a lot of information and speculations that this country is considering to legally adopt bitcoin for me I now see a great future a head of us as investors and traders not just for the whole crypto platform alone.

There is no doubt that Vietnam, Singapore and the Philippines are 3 very active countries in southeast asia, many projects and exchanges have made Vietnam a target market because the growth of crypto users in Vietnam continues to improve, what the government is certainly doing is proper support because cryptocurrencies are proven effectively improve well-being.

With the tremendous growth of crypto adoption in almost all countries, legalizing crypto and bitcoin is something that must be done by the government in each country. today is not the same as many years ago, for a country, cryptocurrencies are the best way to generate tax from crypto legality and transactions.

Singapore has amazingly easy and lenient laws when it comes to paying taxes and crypto regulation. Especially if you are doing something like ICOs or opening online gambling using a cryptocurrency like Bitcoin. I myself was quite surprised at how many people open their businesses in offshore countries like Singapore just because the pros outweigh the cons so heavily.

The APAC has always been more friendly towards Bitcoin, historically. And if Vietnam legalizes Bitcoin just as El Salvador did, then that would be great news, but also very expected. No surprises.

After the acceptance of bitcoin by the Russian government for the trade,Vietnam had made this move.So now the bitcoin making the positive move towards the price.And in Dubai school,they accepting bitcoin .Vietnam is also the developing country,So their investment also huge like the other developing country .This Vietnam move will surely increase the demand of bitcoin and also increase the price.

It's strange that these countries banned it in the first place, but I guess authoritarian governments like to aim for complete control - or at least the illusion of it. The countries that do best economically tend to be at the cutting edge of technology and who have politicians that are able to comprehend a sensible light touch regulation environment. Countries like Vietnam potentially missed out on being a base for new cryptocurrency related countries by outright banning it early on, at least now they're seeing it was a foolish idea. There's a lot more potential for them to make money this way, even if it's just lazily collecting taxes from transaction fees from local companies and users.

Despite the fact that Vietnam has banned bitcoin as a means of payment in 2018. For the Vietnamese, today's scenario is different, there is more optimism about bitcoin, governments are including bitcoin as a means of payment to pay taxes.
The good thing is that in the country, according to statistics, there is a 41% of Vietnamese holding crypto, one of the highest figures around the world. Having a good understanding of the legislators, it could happen that bitcoin will occupy more spaces.
Sometimes I think that legislators do not have good advisors in crypto so that the technology is well accepted or the power of centralism is superior to any technological advance that makes bitcoin possible.

Maybe their government know more about Bitcoin instead of just randomly banning it without the proper knowledge. Well, what's happening to them right now might boost the price and finally they learn what to do with Bitcoin users might as well consider the crypto users.

It's best to always do your own research and not just assuming everything as what you heard or to someone when the truth is they just want to get rid of Bitcoin because of its decentralized characteristic. But if they think that it's not helpful since no one can control Bitcoin they might change their decision again. ???

When the USA and the UK and all the other super powers of the world, now along with Russia which looked at bitcoin as a bad thing only a year ago, but as a savior right now, accepts bitcoin as the reality of the world, what Vietnam doing right now is not just considering bitcoin, but realizing they can't stop it. It is not something you could simply ban and hope that everyone would follow your ban.

The whole world has "do not cross at a red light" but there are people who do, we have "do not kill" but people still do. Laws are broken everyday and usually to do something horrible, this would be breaking the law AND doing something good, it is very hard to put a law like that in any nation of the world. Vietnam knows this and has a hard time about it.

Of course it would be great if adoption did materialize, but so far I'm just sure that they are likely to regulate it instead of adopting it as a currency. But this news will also be quite good for crypto as it will let more Vietnamese people know about the existence of bitcoin.

Besides China, I think many Asian countries support bitcoin even though they only regulate it as a tradable asset because the government doesn't legalize it as a means of payment. I don't mind though I also want to use bitcoin as a legal currency.

Problem lies with most politicians not recognizing the usage of crypto currency within their economies. They don't like the idea of having a competitor to their own currency, and so of course the central banks reject these sort of proposals. Central banks and government work in tandem with one another and wouldn't allow it.

It's also probably true most politicians don't understand crypto currency, and the knee-jerk repulsion is done out of pure ignorance.

Vietnam is a tourist country, life is colorful, so the encrypted world is very suitable for Vietnam, looking forward to this day.

Vietnam is considering the legalization of bitcoin, finally Vietnam throws away their ego, and will legalize bitcoin in their country, although it is never too late to enter the crypto world but at least Vietnam has thrown away the opportunity that is in front of its eyes, other countries have several times reaped the rewards of it. crypto currency while Vietnam is just planning to legalize bitcoin, hopefully other countries are also aware of the benefits we get from crypto currency.