[2017-8-25] Vietnam Is Preparing to Legally Recognize Bitcoin

[sheld0n]

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Article on Coindesk

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[iram1011]

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Article on Coindesk

In December 2016, the government confirmed to develop legal framework for bitcoin in Vietnam and that should be completed till the end of this year. I am glad another country is on its way of legalizing Bitcoin. Soon many will join.

[CryptoBry]

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Article on Coindesk

In December 2016, the government confirmed to develop legal framework for bitcoin in Vietnam and that should be completed till the end of this year. I am glad another country is on its way of legalizing Bitcoin. Soon many will join.

Finally, another Asian country wants to be a part of the Bitcoin bandwagon. I am saying that the future happening today is really located in Asia. We are people who are fully embracing Bitcoin and blockchain technology with excitement and gusto. I am looking forward for other Asian countries to also join the club. It is really about time. It is Asian time.

[Kemarit]

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Article on Coindesk

This is another welcoming news for bitcoin world. Although Vietnam is not known to have a lot of users of bitcoin, but this moved will surely make bitcoin known in the country that will help a lot of its citizens to at earn alleviate their financials as what we have seen in the Philippines. I think Japan has already set the precedence that is why a lot of Asian neighbors is already going in this route. Soon more countries will follow along the Asian region and I wouldn't surprise it will be a bitcoin hub in the future. Let us see how things turn out on this one and I will closely monitor it in 2018.

[Gotottack]

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Article on Coindesk

Guess Eastern countries will rule cryptocurrencies. Most western countries are trying to ban, limit or make it hard for cryptocurrencies and the Eastern ones are really making progress for the better. Mostly only good news are coming out from Eastern countries and they are all building around it and trying to accept it as something that can help their citizens.

[1Referee]

Finally, another Asian country wants to be a part of the Bitcoin bandwagon. I am saying that the future happening today is really located in Asia. We are people who are fully embracing Bitcoin and blockchain technology with excitement and gusto. I am looking forward for other Asian countries to also join the club. It is really about time. It is Asian time.

Asia is definitely pushing things forward rapidly, which is obviously something the western world should be doing as well, but as always, things are always moving extremely slowly there. If things continue like this, we in the coming few years have Asia in its near intirety seen legalize Bitcoin. In this case I am quite excited about that, because Asia is exactly where the far majority of growth is coming from in the recent times. Just look at how Bitcoin is going nuts in South Korea - it's mind boggling (in a good way) how in such a short period of time, this country has been developing itself in Bitcoin and crypto terms. Most important thing to realize is that everything we experience right now, is just the beginning.

[Crosshair]

I think this is news very interesting, It makes tourism of Viet Nam will be strong growth in next time. Try imagine, You can traveling in Viet Nam and payment all you like in Bitcoin. You can needless to bring cash, needless to bring Visa... Very convenient, that right? And sure it also convenient for anywhere, any country approved Bitcoin.

[Slow death]

What they have is just promise... They can change their mind at any time


" An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it’s expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.

In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019. "

[buwaytress]

What they have is just promise... They can change their mind at any time


" An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it’s expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.

In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019. "

That is true for any decision. China's changed it mind in the last few years about Bitcoin.

Seems like positive news in any case. It's been estimated that Vietnam's just behind Thailand, Malaysia, Spore, Indo and Philippines in Bitcoin volume - which actually says a quite a lot, given its infrastructure is somewhat behind those leaders. Southeast Asia is a group of middling tigers historically keen on fintech, with governments generally slow but supportive of what the industry and economy decides. Discounting the activity in Singapore, there's only been one major blockchain conference in the region and there's tell that VN might pip the others to a second.

[darkangel11]

Guess Eastern countries will rule cryptocurrencies. Most western countries are trying to ban, limit or make it hard for cryptocurrencies and the Eastern ones are really making progress for the better. Mostly only good news are coming out from Eastern countries and they are all building around it and trying to accept it as something that can help their citizens.

Europe is happy to embrace cryptocurrencies, they are simply looking to regulate them like they do with stocks instead of treating them like another currency.
I'm very happy that Vietnam has chosen the right way. We can expect huge price pumps in 2018, just like after Japan's acceptance.

[BitHodler]

I prefer them to actually say that they will be doing it instead of preparing themselves for it. Between preparation and actually doing what they say, can be years of time where absolutely nothing is really happening.

That being said, Vietnam isn't exactly a second Japan or South Korea, but that doesn't mean we don't want to see Bitcoin gain even more ground in the Asian continent ~ exciting times we have ahead of us for sure!

Asia was already the main hotspot, but if more countries there start to legalize Bitcoin, and prove that there is actual demand for something like Bitcoin, Europe and the USA will be falling behind in a very quick fashion.