Vietnam Becomes Latest Country to Turn to Crypto

[Leviathan.007]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

[passwordnow]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

[sapnu]

Vietnam will soon enjoy cryptos wonders and just like El Salvador, it can be one of the countries that open ups bitcoin to the world. It may not be a huge country but a country's decision would make a huge impact on other country's decision making. Let us hope that things would work out well for Vietnam so that we can boast of crypto more in the world and the same way may happen in El Salvador so let us stay tuned and see if it will be a success in the long run.

[Jasper HODL]

There will be more and more countries accepting Bitcoin in the future, which is beyond doubt. Bitcoin is not controlled by individuals, organizations, or nations, and no individual, organization, or nation can destroy it. To be honest, many countries should thank Bitcoin because Bitcoin offers them another possibility such as El Salvador. When the domestic fiat currency loses trust, if there is no Bitcoin, many countries will be forced to use US dollars for daily transactions, which is not good. When the currency of a country is the U.S. dollar, the entire economy of that country will inevitably be affected by the United States. Bitcoin provides them with another option. When the volatility of its fiat is even greater than that of Bitcoin, the disadvantage of Bitcoin as a fiat does not exist.

I originally thought that Bitcoin's bull market is an institutional bull, but now it may be a country bull.

[bryant.coleman]

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed. The Vietnamese government is proposing to create a Central Bank Digital Currency (CBDC), similar to the digital Yuan (e-CNY) of China. It is just a digital version of the national currency (Vietnamese Dong ₫). And actually I am worried that the government's attitude towards proper cryptocurrency may become even more hostile. This is what happened in China, after they listed the CBDC shitcoin. The Chinese government now want to eradicate the competition, by banning BTC.

[Strongkored]

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

[Obito]

This is not Vietnam's first rodeo in cryptocurrency because the developers of Axie Infinity is from that country meaning that they are already on the crypto scene for awhile now although not on a government scale.

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

It won't be big but neighboring countries will soon follow and do what Vietname is currently doing, it's pretty cool that they are some of the first in the South Asia or South East Asia Region that have a government vocal about bitcoin adoption.

[stompix]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it.

There is nothing in that article about bitcoin, there is nothing about adoption there is just a research group exploring the possibility of implementing a CDBC.

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed.

The normal trend, somebody says a thing about cryptos or blockchain immediately everyone assumes a country will start buying bitcoins on kucoin.
Vietnam already has problems with its own currency they want to keep it as evaluated as possible as exports are crucial to their economy adopting a deflationary currency would pose more problems than the zero it would solve.

[ultrloa]

This is not Vietnam's first rodeo in cryptocurrency because the developers of Axie Infinity is from that country meaning that they are already on the crypto scene for awhile now although not on a government scale.

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

It won't be big but neighboring countries will soon follow and do what Vietname is currently doing, it's pretty cool that they are some of the first in the South Asia or South East Asia Region that have a government vocal about bitcoin adoption.

I'm not claiming that because of axie infinity they became crypto friendly but maybe most provably  their government see's that there's a big potential that they can earn with it together with their people that's why they choose to became a crypto friendly nation and adopt cryptocurrency on their financial system. I wonder who's next among this since this is another great step towards crypto success so maybe we can see more country announcing its adoption on cryptocurrency.

[Obito]

~snip

I'm not claiming that because of axie infinity they became crypto friendly but maybe most provably  their government see's that there's a big potential that they can earn with it together with their people that's why they choose to became a crypto friendly nation and adopt cryptocurrency on their financial system. I wonder who's next among this since this is another great step towards crypto success so maybe we can see more country announcing its adoption on cryptocurrency.

Yeah probably, Axie Infinity doesn't have anything to do, but I think given the recent rise of users in Axie Infinity, I am sure that it's making headlines in there and pretty sure that the Vietnamese government is surely to notice that there's something about crypto that they are finding the potential in it.

[Poker Player]

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed. The Vietnamese government is proposing to create a Central Bank Digital Currency (CBDC), similar to the digital Yuan (e-CNY) of China. It is just a digital version of the national currency (Vietnamese Dong ₫). And actually I am worried that the government's attitude towards proper cryptocurrency may become even more hostile. This is what happened in China, after they listed the CBDC shitcoin. The Chinese government now want to eradicate the competition, by banning BTC.

Yeah, I thought the same.

It is in line with other central banks in creating centralized state-owned cryptocurrencies. The same old crap but digital. The only good thing I see in this is that people will not see Bitcoin as weird when they are used to pay with their fiat cryptocurrency.

[cryptomaniac_xxx]

We have to read between the lines here, they are still hostile to crypto as far as I know, what they are proposing is to have their own CBCD - just another digital version. So I won't rejoice, I doubt that Vietnam being a communist and authoritarian regime will suddenly made a U-turn and become crypto friendly that will give their people so much financial freedom. It won't happen.

[Gozie51]

We have to read between the lines here, they are still hostile to crypto as far as I know, what they are proposing is to have their own CBCD - just another digital version. So I won't rejoice, I doubt that Vietnam being a communist and authoritarian regime will suddenly made a U-turn and become crypto friendly that will give their people so much financial freedom. It won't happen.

We are beginning to have this trend of countries trying to have there own CBCN. I think if a country don't realise that cryptocurrency is having a big impact on the currency system, they won't plan for there own. This is saying that it is becoming an obvious treat to countries that want to rush in for there own. South American countries are part of them looking for such rather than full adoption of cryptocurrency.

[davis196]

This is a clickbait article with a misleading title.
The Vietnamese prime minister wants the central bank of Vietnam to launch a blockchain-based cryptocurrency-which means anther central bank digital currency(CBDC).CBDC have nothing to do with crypto.They are just mimicking cryptocurrencies,while staying centralized and fully controlled by the government/central bank.
This doesn't mean that Vietnam is becoming open towards cryptocurrencies or "turning into crypto".
I don't expect Vietnam to become crypto friendly,as long as China remains hostile towards the crypto industry.Those two countries are connected by the same ideology.

[Nunoluck]

This good trend maybe enough to make good sentiments for bitcoin market. I think the next bull run is very soon, the more countries accept cryptocurrency it means that the faster mass adoption is processed. I think it will be good for me to buy more bitcoin if the price go down again. I still think that bitcoin price can go down lower than 30k.

[fiulpro]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

This might be taken as an example for other countries too. As we can see some of the countries are trying to ban cryptocurrencies like bitcoins. But on the other hand we see many countries moving forward to adopting Bitcoins and soon enough there will be a whole other level of economy which might be governed by cryptocurrencies alone. We might be seeing international transactions, import , export, people ditching the middle man and using cryptocurrencies. Who would wanna miss that ?
Considering the age of the guy I think he made a well informed decision. But they should not ban and allow it time and again since that might cause other probelms amongst the society.

This good trend maybe enough to make good sentiments for bitcoin market. I think the next bull run is very soon, the more countries accept cryptocurrency it means that the faster mass adoption is processed. I think it will be good for me to buy more bitcoin if the price go down again. I still think that bitcoin price can go down lower than 30k.

Even if we do not see a bull run , the price might get stabilized which might cause the whole volatility thing to settle down, causing it to grow in a steady fashion. Which might be beneficial either way. But if it goes down to 30k, I think that would be the best opportunity to buy for everyone.

[bryant.coleman]

Yeah, I thought the same.

It is in line with other central banks in creating centralized state-owned cryptocurrencies. The same old crap but digital. The only good thing I see in this is that people will not see Bitcoin as weird when they are used to pay with their fiat cryptocurrency.

The problem is that if the CBDC is there, then the government may not permit proper cryptocurrencies. As I mentioned earlier, China is already moving in this direction. CBDCs doesn't have anything unique about them. They just plagiarize the code from existing cryptocurrencies, and are then incorporated to the fiat currencies. Now the advantage for governments is that they don't have to spend valuable paper and ink to print banknotes. Everything can be done digitally with minimal expenses. This is the ultimate wet dream of every central bank around the world.

[Imran232]

Very very good news. For crypto and vitenam people too. You guys are soo lucky. You know guys what we want from our government. Just they gave us freedom to use crypto in our country. Its quite funny but its true what will we want because our life is in crypto so if we got that freedom so we can change our lifestyle too. Because crypto is a way how a smartphone users also can make millions right or worng? Yes right. God know when we can also can say yes our government also adopting bitcoin as a legal tender. Thank you. By the way congratulations vietnamese.

[dkbit98]

Communist government of Vietnam creating their own centralized fake blockchain currency... what could possible go wrong?! Oh wait, China is doing something like that now.
It's clear why they need to invent a wheel again, when we have proven currency called Bitcoin, but that can't be controlled by anyone including their government.

[Hydrogen]

Yet another CBDC (central bank digital currency)?

Many central banks are announcing plans for future CBDC. Venezuela's CBDC, claimed to be backed by oil, was scheduled to launch years ago.

It seems they're waiting for something before launching in earnest. If they ever plan to.

Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.

Their 3 main goals are

• Big data (surveillance)
• Artificial intelligence (state based centralization and control of inventions and science)
• Augmented reality (virtual reality, this goal is less obvious, perhaps they wish to build the matrix from the Keanu Reeves trilogy)

I guess these topics are supposed to be above everyone's pay grade now. Serious consideration of them is considered outlier behavior and an anomaly. Funny how that works.

[FanEagle]

I hope that more and more places turn to crypto because that is going to be the difference between third world nations and huge nations. With the addition of bitcoin into legality you are allowing people to get paid a lot easier, which means that you can find work overseas. So someone in vitneam could be a great coder, a better coder than some person in USA (I am sure there are both good and bad in both nations) but even the best vietnamese coder do not get paid a lot, whereas the best coder in USA gets paid millions of dollars.

Thanks to accepting bitcoin and making it legal, you are allowing Vietnamese coder to get paid more from some american company that still pays him less than the american they were about to pay, this allows vietnam to get more money and this allows USA company to pay less and it balance the nations closer together in the long run. Not right away of course but 30 nations like this versus one of USA it will get closer faster.

[BrewMaster]

i don't think this is as good a news as people think it is. in fact it may even be a very negative news for bitcoin because it seems like Vietnam is planning to look into the "technology" only and then create their own centralized govcoin. whenever governments do that they also start restricting bitcoin usage since bitcoin is decentralized and people will never choose the govcoin over bitcoin. they may even end up banning it to force people into using their altcoin.
we have to wait and see how this turns out.

[Beparanf]

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

[passwordnow]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it.

There is nothing in that article about bitcoin, there is nothing about adoption there is just a research group exploring the possibility of implementing a CDBC.

But it has indicated crypto and that includes bitcoin and that research may lead to adoption as they're turning positive on it. Coming from the leader itself, the same may happen just as El Salvador that they've welcomed bitcoin. Although it's totally different from their standpoint towards cryptocurrency, it is positive and there's no longer ban that shall be imposed even if they're going to produce their own CBDC.

[Golftech]

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

That's a good catch if everything will materialize accordingly, if the government of Vietnam are really involve

and they are looking forward to adopt this chain. It's another good addition to this market if the country will

begin to  go with full adoptions of this system, usages from this country will take effect once they've start to

bring investment to this industry.

[stompix]

But it has indicated crypto and that includes bitcoin and that research may lead to adoption as they're turning positive on it.

It's grasping at straws here.
They clearly said the CB is rolling up a pilot program, it has zero to do with bitcoin.
Just because they say crypto it doesn't mean automatically mean bitcoin, saying blockchain doesn't mean crypto and doesn't even mean decentralization.

Although it's totally different from their standpoint towards cryptocurrency, it is positive and there's no longer ban that shall be imposed even if they're going to produce their own CBDC.

And how did you deduced that and from what?

whenever governments do that they also start restricting bitcoin usage since bitcoin is decentralized and people will never choose the govcoin over bitcoin. they may even end up banning it to force people into using their altcoin.
we have to wait and see how this turns out.

If we talk about totalitarian regimes, and the Vietnam one is not that far off yeah, I think that CDBC will be more of a threat to bitcoin than any other altcoin or shitcoin, but if it comes to normal countries, like the western world, probably not that big of a deal. After all, they are not gaining anything from banning BTC at that point, they could easily track all money flows, they don't need that propaganda regimes and dictators need on how powerful their state is and how they can order everything around, no need to inspire fear when you can achieve things willingly

[SaShiRaJaVu]

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

So you think Vietnamese government officials are directly involved in projects, not sure which project you are talking about and why do you think that government officials are involved because this development happened recently and you are talking about old announcement.
It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.   

[doomloop]

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

Indeed it's bright news especially since they have been against crypto and even banned it in past. I am glad they had the intelligence to understand that banning crypto doesn't help the cause instead adopting and launching through it was the right move.

I agree with @stompix though because as bitter it may sound, it's true that blockchain technology adoption doesn't mean bitcoin will get any sort of legalization or help from the government.

I am not buying the idea of centralized blockchain-based cryptocurrency for every country because it's similar to making a digital wallet and transactions more transparent, that's about it.

[perryxi2]

I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

[CaVO32]

I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

I am glad that your government changed their perspective towards crypto. They are now realizing the benefits of this technology and may help their Citizens in some ways to improve their economic status. Let us see how this pans out. Or are they open to create their own digital currency? Now, that China is getting hard on crypto, it is good to hear that there are countries that are now changing their approach towards crypto

[lixer]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.

I am not sure how I shall react because I am happy that governments are shifting their focus towards cryptocurrency and the increased use of blockchain technology but at the same time I am afraid that it only brings more competition to decentralized cryptos like bitcoins and eventually they will want to ban or restrict the use of Bitcoins to promote their own coin, I am afraid it would be another Central Bank Digital Currency as proposed by so many other countries.

Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.

That's so true because it is about time people shifted to digitalization and the growth was clear and inevitable. I just hope they don't ban the use of cryptocurrencies because their own coin might not function as they wish and they might end up banning their biggest competitor which we know is Bitcoin.

[AndySt]

I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

I am glad that your government changed their perspective towards crypto. They are now realizing the benefits of this technology and may help their Citizens in some ways to improve their economic status. Let us see how this pans out. Or are they open to create their own digital currency? Now, that China is getting hard on crypto, it is good to hear that there are countries that are now changing their approach towards crypto

I think it's too early to be very happy if you carefully read the news. Actually, I didn't notice anything in the news that would talk about the adoption of bitcoin in Vietnam and the permission to make payments in bitcoin, and there seems to be nothing new in this area. It's just that the prime minister just called on the country's Central Bank to make a pilot launch of the cryptocurrency within two years, and apparently everything will develop according to the Chinese version with a digital national currency based on the blockchain, and Vietnam simply does not want to lag far behind China in this area. Vietnam, of course, is changing its attitude a little, but all this change does not apply to traditional decentralized cryptocurrencies.

[arallmuus]

It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.  

It does not has anything to do with the market, this is not the same thing as making cryptocurrency into a legal tender in their country. Some countries are hyping about this stuff lately because China has been keen on pushing their Digital Yuan. All these countries seems to think that turning their own fiat currency into a digital currency like what China does with their Digital Yuan is pretty much the same thing with cryptocurrency

All they want to do in the end are to destroy cryptocurrency by turning their own centralized fiat currency which they can control (*cough* xrp for example) into cryptocurrency.

[Vaskiy]

Rather than the bitcoin, there is massive adoption of the blockchain technology. Here Vietnam also has its plan of having their own cryptocurrency for the country. Already there were more countries with the similar development. It shows the transition from the common internet banking to the next level of service.

Vietnam is among the country that are against the usage of cryptocurrencies. Now it has planned for its own cryptocurrency. Maybe the same could happen with every country slowly, but I don't Know how effective will this country owned cryptocurrencies will function compared to bitcoin.

[Wawa2013]

Rather than the bitcoin, there is massive adoption of the blockchain technology. Here Vietnam also has its plan of having their own cryptocurrency for the country. Already there were more countries with the similar development. It shows the transition from the common internet banking to the next level of service.

Vietnam is among the country that are against the usage of cryptocurrencies. Now it has planned for its own cryptocurrency. Maybe the same could happen with every country slowly, but I don't Know how effective will this country owned cryptocurrencies will function compared to bitcoin.

The Vietnamese government recognizes the importance of adopting blockchain technology for the advancement of their financial system,
so it's no wonder Vietnam decided to create their own cryptocurrency. And it doesn't matter that the Vietnamese government still prohibits
the use of Bitcoin, because it took a long process, so that the Vietnamese government realized the importance of accepting Bitcoin. We really
have to see what happens next, the effect that will occur from Vietnam using their own crypto coin.

[John Jefferson]

I am very pleased to see that more and more countries have joined the field of cryptocurrency and have begun to accept the trend of cryptocurrency. This represents that countries have begun to accept and learn to study blockchain technology. This is a good start, especially like El Salvador In countries with severe economic inflation and domestic legal currency failures, in a sense, blockchain technology and digital currency can solve the financial and credit crises brought about by legal currency. When more applications support cryptocurrency, it means that the demand will increase. As the demand increases, the cryptocurrency will be more perfect, and perhaps to a certain extent, the status of the cryptocurrency will be recognized by the world.

[bittraffic]

I am very pleased to see that more and more countries have joined the field of cryptocurrency and have begun to accept the trend of cryptocurrency. This represents that countries have begun to accept and learn to study blockchain technology. This is a good start, especially like El Salvador In countries with severe economic inflation and domestic legal currency failures, in a sense, blockchain technology and digital currency can solve the financial and credit crises brought about by legal currency. When more applications support cryptocurrency, it means that the demand will increase. As the demand increases, the cryptocurrency will be more perfect, and perhaps to a certain extent, the status of the cryptocurrency will be recognized by the world.

The article did not say they are going to adopt cryptocurrency but they are just going to create a cryptocurrency that will be used for their own CBDC, it's not like the El Salvadoran government. I wouldn't expect Asian countries to really use decentralized currency, these governments want full control over their money. And we can't blame them for that.

But I think most of them will realize that Bitcoin is unstoppable. Even if they totally ban BTC or any other cryptocurrency, the people will still be able to access it for all wants to have freedom.

[Sithara007]

The article did not say they are going to adopt cryptocurrency but they are just going to create a cryptocurrency that will be used for their own CBDC, it's not like the El Salvadoran government. I wouldn't expect Asian countries to really use decentralized currency, these governments want full control over their money. And we can't blame them for that.

But I think most of them will realize that Bitcoin is unstoppable. Even if they totally ban BTC or any other cryptocurrency, the people will still be able to access it for all wants to have freedom.

You don't need to generalize all the Asian countries in to one bracket. Actually you can't expect communist nations such as China, North Korea and Vietnam to allow a decentralized asset such as Bitcoin to be used within their territory. Their economies are manipulated, and are kept alive by manipulating the investment assets. Even the national currencies are heavily manipulated and therefore Bitcoin represents an existential threat for them. The situation is vastly different in countries such as Japan and South Korea.

[TheNineClub]

So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

[Beparanf]

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

So you think Vietnamese government officials are directly involved in projects, not sure which project you are talking about and why do you think that government officials are involved because this development happened recently and you are talking about old announcement.
It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.   

The project I'm talking about is Kardiachain. Sorry for my wording of "directly involve" but rather they are interested for Blockchain development technology to use on Fighting Covid-19. You can read full details of the article below.

Source: https://vnexpress.net/lanh-dao-cong-nghe-ban-ve-ai-blockchain-trong-cuoc-chien-covid-19-4288435.html

[bryant.coleman]

So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

In short, they are attempting to do what Facebook tried (i.e plagiarizing the original idea of cryptocurrency and coming up with their own version). It is too early to say whether their attempt will succeed or not. But on previous occasions, such attempts have failed. If they are coming up with their own CBDC shitcoin, it should be able to compete with Bitcoin in open market. Assuming that it would do well, if they get rid of the competition (Bitcoin) is not going to work. Cryptocurrency was invented against central bank monopoly. It will never work with CBDCs.

[magneto]

They're turning to a central bank issued coin, not a decentralised coin. Calm down people.

The fact of the matter is that the Vietnamese government is still entirely restrictive when it comes to decentralised cryptos. There is no intention on lifting the bans on these coins, and exchanges find it very hard to set up shop there.

It seems like another cheap way of raising revenue for the government much like the Petro in Venezuela, by riding the hype crypto has been getting. Absolutely not worth getting into as an investor if they do decide to go ahead with a national crypto, especially with their track record of high inflation.

[lixer]

So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

That's still something right? I mean I get that there should be a global support for crypto because it is helping people seize their dreams and makes the financial world as close to each other as possible, it is like what social media did to communications, people all around the world can speak to each other and read each other's thoughts online thanks to social media, turned it into a close nit community instead of a global community, just 50 years ago people had no idea what was going on in other people's daily lives when they are at the other side of the world whereas thanks to social media now we know whats going on in every nation.

Same could be said for crypto and financials, it brought the world into a closer nit community thanks to bitcoin being global and Vietnam should see that. However this is still a start, I would take this over any other bad news.

[arallmuus]

If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

You seriously cant expect this to happen didnt you. It will take years before a country decided to set cryptocurrency as their legal tender. Basically a third world country would be the most ideal to adopt cryptocurrency because their own currency usually are pretty fucked up due to inflation or probably because they dont have their own native fiat to begin with

just 50 years ago people had no idea what was going on in other people's daily lives when they are at the other side of the world whereas thanks to social media now we know whats going on in every nation

Adopting cryptocurrency as a country's legal tender means the country willingly acknowledge that cryptocurrency is far better than their own fiat currency. El salvador did this because they were using US Dollar so its no a huge issue for them to accept another currency as their legal tender

[goldade]

When, some months ago, El Salvador adopted bitcoin and cryptocurrencies, I replied on a thread in this forum that a big step as that would motivate quite a number of countries into accepting and adopting bitcoin and other cryptocurrencies.
Vietnam doing this shows more evidences that digital money is inevitable and here to stay. Since it will, eventually, be adopted because it's inevitable, it is only wise to adopt it early enough.
Trust,  more Countries will follow suit in this trend send ig wouldn't be long before bitcoin becthe number one currency in the world.

[Sithara007]

When, some months ago, El Salvador adopted bitcoin and cryptocurrencies, I replied on a thread in this forum that a big step as that would motivate quite a number of countries into accepting and adopting bitcoin and other cryptocurrencies.
Vietnam doing this shows more evidences that digital money is inevitable and here to stay. Since it will, eventually, be adopted because it's inevitable, it is only wise to adopt it early enough.
Trust,  more Countries will follow suit in this trend send ig wouldn't be long before bitcoin becthe number one currency in the world.

I don't think that Vietnam's move was inspired by El Salvador. Unlike the case with El Salvador, Bitcoin is not yet 100% legal in Vietnam. The creation of CBDC in Vietnam was probably inspired by China, which recently listed its own CBDC called the digital Yuan (eCNY). On top of that I don't expect socialist dictatorships such as Vietnam to take a more conciliatory view towards cryptocurrency. If Bitcoin becomes popular, then the heavily manipulated national currencies can get negatively affected. Therefore the hesitance and hostility from the part of the government is understandable.

[swiftbits]

Vietnam is thriving, and I've seen popular projects from Vietnamese developers, Axie Infinity is one example.
Is this have something to do with it? Hopefully, the regulations won't negatively affect the community.

[Kittygalore]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

I don't think that it's a welcoming signal for bitcoin and other cryptocurrencies, I mean China has a crack down on cryptocurrencies to make way for their CBDC, remember that Vietnam can also do this kind of thing since they have the authority.

[Davidvictorson]

Bravo to the government of Vietnam, because they now understand that blockchain is a disruptive technology. It is a good thing that this level of understanding and awareness is slowly evolving.

As we know cryptocurrency can make people rich in an instant and also drag them to the depths of poverty in an instant as well so kudos to the government on the pilot program. Hopefully, their results will help them propose regulatory policies that would be beneficial to everyone.

[bryant.coleman]

Bravo to the government of Vietnam, because they now understand that blockchain is a disruptive technology. It is a good thing that this level of understanding and awareness is slowly evolving.

Have you even read the story in detail? The Vietnamese government is coming up with their own version of the CBDC shitcoin. They are not allowing any real cryptocurrency such as Bitcoin or Ethereum to be traded freely. Apart from the format, it is just a digital version of the national currency. For cryptocurrency users, this is more of a negative news. China also recently came up with their own version of the CBDC. And they started cracking down on the usage of real cryptocurrency immediately after that, in order to remove competition.

[Lorence.xD]

Vietnam is thriving, and I've seen popular projects from Vietnamese developers, Axie Infinity is one example.
Is this have something to do with it? Hopefully, the regulations won't negatively affect the community.

Probably Axie Infinity does have something to do with their decision although they won't directly admit that because Axie Infinity is getting much more famous as day goes by. Also, it's still risky to say that it won't affect negatively the community because what they're doing is making their own crypto which means that they might do what China did.

[bitterguy28]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

But hoping that they will not become like what China does , that in the end creating their own cryptocurrencies in which now creating the FUD of dismantling bitcoin in their country to focus and dedicate for their Digital yuan.

[Kasabus]

Bravo to the government of Vietnam, because they now understand that blockchain is a disruptive technology. It is a good thing that this level of understanding and awareness is slowly evolving.

Have you even read the story in detail? The Vietnamese government is coming up with their own version of the CBDC shitcoin. They are not allowing any real cryptocurrency such as Bitcoin or Ethereum to be traded freely. Apart from the format, it is just a digital version of the national currency. For cryptocurrency users, this is more of a negative news. China also recently came up with their own version of the CBDC. And they started cracking down on the usage of real cryptocurrency immediately after that, in order to remove competition.

I never heard the news but this is more of a fake news. Vietnam won't allow bitcoin because apparently, they will launch their own crypto like what had China did. Banning of bitcoin might be their second step i guess once they have legalized already their own digital currency.

Bitcoin who's believed to be the future of financial system is still very impossible this time. But only time will tell. As long as bitcoin will continue to exist, the chances of gaining more popularity and demand is very possible. So let's just wait and see.

[perryxi2]

This is a news that makes me very happy and very excited as more and more countries around the world accept BTC if a country is quite small and has a modest economy like Vietnam but they still accept BTC, other countries will not accept BTC. Other countries will not accept BTC. Bigger country with international stature why worry about that and not accept BTC.

[swiftbits]

Vietnam is thriving, and I've seen popular projects from Vietnamese developers, Axie Infinity is one example.
Is this have something to do with it? Hopefully, the regulations won't negatively affect the community.

Probably Axie Infinity does have something to do with their decision although they won't directly admit that because Axie Infinity is getting much more famous as day goes by. Also, it's still risky to say that it won't affect negatively the community because what they're doing is making their own crypto which means that they might do what China did.

It is skeptical for me since crypto is not legally recognized in Vietnam; now that they found out how inevitable this trend, they started to catch up on the digital currency race. I was thinking if they could just bring crypto on the local stock exchange to get benefits. But, let's see. Their plan is still unclear.

[paxmao]

The problem with this declaration is that it encompasses a number of buzz words that also should be interpreted in the right context. Vietnam has gone trough a very expansive stage of their economy in the last years, with massive increases in value to local companies. The government possibly wants to keep up this momentum and use it to attract foreign investment, so all this mentions of bitcoin, crypto mixed with other buzzwords should be an amber flag for people and taken with a pinch of salt.

[Surmount]

Vietnam has a young population who are very familiar with new technology. This youthfulness will probably make them accept crypto much faster than other countries. There was a poll done in 2020 that found 21% of respondents in Vietnam had held or used crypto at some point. That's huge compared to the USA which reported only 6%.

Hopefully the Vietnamese government follows the Singaporean authoritarian model and not the Chinese one.

[Oilacris]

Vietnam is thriving, and I've seen popular projects from Vietnamese developers, Axie Infinity is one example.
Is this have something to do with it? Hopefully, the regulations won't negatively affect the community.

Probably Axie Infinity does have something to do with their decision although they won't directly admit that because Axie Infinity is getting much more famous as day goes by. Also, it's still risky to say that it won't affect negatively the community because what they're doing is making their own crypto which means that they might do what China did.

It is skeptical for me since crypto is not legally recognized in Vietnam; now that they found out how inevitable this trend, they started to catch up on the digital currency race. I was thinking if they could just bring crypto on the local stock exchange to get benefits. But, let's see. Their plan is still unclear.

Its  neither there would be sudden u-turn of events or would just simply stick out into their decisions that had made out earlier but there's no point if they would just ban it for those common basic reasons.

They would rather benefit it out if they do adopt bitcoin or cryptocurrency and since it cant be stopped then its up to government choice neither they would deal or simply ignore.

Any news of adoption or acceptance would always be considered good or positive.We do hope that there would be more countries would be doing the same in future years to come.

[Shenzou]

Them banning crypto and bitcoin first and now going back and trying to make it work, seems like the plan that they were plotting for a long time, they are trying to create their own cryptocurrency that is going to be centralized and controlled by the governments, which means it is just a digital replacement to fiat, and i don't assume they ahve any plans to use bitcoin as a currency because they have no control over it and i think it would still be banned.

[just_Alice]

Them banning crypto and bitcoin first and now going back and trying to make it work, seems like the plan that they were plotting for a long time, they are trying to create their own cryptocurrency that is going to be centralized and controlled by the governments, which means it is just a digital replacement to fiat, and i don't assume they ahve any plans to use bitcoin as a currency because they have no control over it and i think it would still be banned.

So that would basically be copying China

The idea sounded unplausible to me, at first. However, considering a very long history of the connection between China and Vietnam, as well as the fact that China by far remains probably the most influential country in Asia, this could be not that far from the truth. Only in such a case, we should also consider the possibility of Vietnam accepting digital Yuan and agreeing to subordinate.

On the other hand, the US is gaining more influence on Vietnam with years and the people seem to accept that well, so maybe this side will have a bigger impact and there is no dark plan involved.

[pixie85]

Good news, they've banned it once and now they've turned into adopting it.

Looks like they're doing what China is doing. Banning Bitcoin to push through their own centralized digital currency.

It's not good news for real crypto because centralized cryptocurrencies are representing everything that Bitcoin was made to fight. It was made to let people become their own banks, not use digital fiat money made to look like a cryptocurrency.

[Coroline]

To this day, Vietnamese law does not mention cryptocurrencies as legal tender, nor does it recognize them as assets or foreign currency. Bitcoin and other similar cryptocurrencies have been expressly designated by the State Bank of Vietnam as illegal and prohibited for trading relations. Therefore, using, supplying, and issuing cryptocurrency in the region is subject to fines — up to US$8,700 — and imprisonment. However, owning, trading and investing in cryptocurrencies is neither prohibited nor permitted; it's just tolerable for now.

[adzino]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

You mean they want to regulate it now? They probably banned it before because they weren't ready to handle crypto currencies. Now they want to study it and then start regulating it like most of the countries are doing. It's both a blessing and a curse. But still better than being banned. Now it's going to be more better if they announce that it is a legal tender on their country. More country will then eventually follow.

[Sithara007]

You mean they want to regulate it now? They probably banned it before because they weren't ready to handle crypto currencies. Now they want to study it and then start regulating it like most of the countries are doing. It's both a blessing and a curse. But still better than being banned. Now it's going to be more better if they announce that it is a legal tender on their country. More country will then eventually follow.

The ban remains in place. There has been no change in the attitude of the government towards cryptocurrency. It is clear, if you read the previous posts. The government is planning to come up with a Central Bank Digital Currency (CBDC), similar to the case with China and some of the other countries. They will not permit decentralized currencies such as Bitcoin. Ironically this was one of the proposals put forward by the bureaucrats in India as well. Fortunately, the Indian finance minister refused to approve it.

[Lorence.xD]

~

It is skeptical for me since crypto is not legally recognized in Vietnam; now that they found out how inevitable this trend, they started to catch up on the digital currency race. I was thinking if they could just bring crypto on the local stock exchange to get benefits. But, let's see. Their plan is still unclear.

If the finance agency of the Vietnamese government don't find it a good or beneficial thing to bring crypto in their fray and instead continue with the plan to create their own digital currency then probably we will see some negative effect on the cryptocurrency market because if they plan to create a digital currency then there's a likely chance that they will do what China did as I have said in my previous reply.

[fullhdpixel]

I never heard the news but this is more of a fake news. Vietnam won't allow bitcoin because apparently, they will launch their own crypto like what had China did. Banning of bitcoin might be their second step i guess once they have legalized already their own digital currency.

Bitcoin who's believed to be the future of financial system is still very impossible this time. But only time will tell. As long as bitcoin will continue to exist, the chances of gaining more popularity and demand is very possible. So let's just wait and see.

I do not think that it would benefit their own coin neither, that is the weird part that I do not understand. Like yeah go ahead and make your own coin and that is a great thing, I do support that and each nation should have their own crypto currency, that way we could trade a lot easier. Think about a world where we do not have to deal with things like USDT or BUSD or USDC and what not, because in that world every nation would have their own coins and we could trade that with other crypto and whenever we feel like there is nothing we want to do anymore we could just withdraw straight from government thanks to this new coin they created.

However when you ban other cryptos, then people would stay away from crypto won't they? Or technically speaking they should, because it is banned, when every other coin is banned then why should I care about governments coin? What can I do with it all by itself?

[Liamttw]

Vietnam’s ban on Bitcoin to accept Bitcoin shows that Vietnam’s recognition of Bitcoin, and digital currency is a development trend. Bitcoin is decentralized, it is not controlled by any organization or state, and the government cannot interfere, bitcoin provides a better choice for the countries. In the future should be more and more regions accepting and using Bitcoin.

[Surmount]

Interesting thing about Vietnam is that they often try to ban things but are never able to enforce it. Maybe someday the government will have enough money to start enforcing like China.

[Sithara007]

Vietnam’s ban on Bitcoin to accept Bitcoin shows that Vietnam’s recognition of Bitcoin, and digital currency is a development trend. Bitcoin is decentralized, it is not controlled by any organization or state, and the government cannot interfere, bitcoin provides a better choice for the countries. In the future should be more and more regions accepting and using Bitcoin.

Did you even read the previous replies? This is why I am against allowing the noobs to make posts in important sections such as Bitcoin Discussion and Economics. Out of the 20-30 threads on the first page, at least 75% are irrelevant spam or clickbait posted by noobs. And even in the remaining 25% threads, most of the replies doesn't make any sense and are posted by noobs without going through the news.

Vietnam hasn't recognized Bitcoin, or made any move in favor of cryptocurrency. What we are talking about is the creation of a Central Bank Digital Currency (CBDC), which is essentially a digital version of the fiat. It has nothing to do with Bitcoin or any of the other true cryptocurrencies. The attitude from the Vietnamese government towards proper cryptocurrency hasn't changed, and I am afraid that with the listing of the new CBDC, they may become even more hostile towards Bitcoin and the altcoins.

[Xinarae*]

Vietnam plans to regulate digital currencies after launching crypto research groups. Vietnam is throwing the cryptocurrency industry into the water as the vietnamese government recently mandated a group study for this purpose the ministry of finance of vietnam is conducting extensive cryptocurrency studies for regulatory purposes. One million Vietnamese are believed to be crypto users. But the government's desire to regulate the country's digital currency environment coincides with government concerns about crypto-related crimes, including cyber-hacks and scandals. If central bankers are asked if they consider cryptocurrency to supply gold as a future gold resource.

[Kong Hey Pakboy]

Interesting thing about Vietnam is that they often try to ban things but are never able to enforce it. Maybe someday the government will have enough money to start enforcing like China.

Vietnam is a small country and have small influence unlike China that has a big influence and has a nuclear arsenal that they can use to intimidate everyone including other superpowers. I think that banning isn't the answer and Vietnam thinks so with them now creating their own cryptocurrency, the regulations hopefully makes it favorable to both sides.

[Felimon]

Vietnam they banned BTC for many years and did not allow BTC trading, this was a ban, but now they have switched to it, this is quite good news for our crypto, just like El Salvador , a country that accepts cryptocurrency today and these are the countries that are in the opening period for BTC and they know the current trends of the world.

[Vishnu.Reang]

Vietnam they banned BTC for many years and did not allow BTC trading, this was a ban, but now they have switched to it, this is quite good news for our crypto, just like El Salvador , a country that accepts cryptocurrency today and these are the countries that are in the opening period for BTC and they know the current trends of the world.

Why don't you guys read the previous posts instead of just posting to increase your post-count? Vietnam has made no changes to their policy towards cryptocurrency policy. The restrictions still remain in place. The news is about CBDC that the government is planning to bring to the market, and I think that it will do more harm than good to the usage of genuine cryptocurrencies. The regimes know that CBDCs are inferior to genuine cryptocurrency, and they will impose additional restrictions to discourage the competition.

[Ngemmeng]

Vietnam’s ban on Bitcoin to accept Bitcoin shows that Vietnam’s recognition of Bitcoin, and digital currency is a development trend. Bitcoin is decentralized, it is not controlled by any organization or state, and the government cannot interfere, bitcoin provides a better choice for the countries. In the future should be more and more regions accepting and using Bitcoin.

As far as I know Vietnam only prohibits bitcoin as a means of payment, but if it is only used for digital assets or investments there is no written prohibition. I think it's not only Vietnam that enforces these regulations, but also most of the countries that enforce those regulations.

[horrifiedx1]

Vietnam’s ban on Bitcoin to accept Bitcoin shows that Vietnam’s recognition of Bitcoin, and digital currency is a development trend. Bitcoin is decentralized, it is not controlled by any organization or state, and the government cannot interfere, bitcoin provides a better choice for the countries. In the future should be more and more regions accepting and using Bitcoin.

As far as I know Vietnam only prohibits bitcoin as a means of payment, but if it is only used for digital assets or investments there is no written prohibition. I think it's not only Vietnam that enforces these regulations, but also most of the countries that enforce those regulations.

right, until now I also heard that vietnam instead of legalizing bitcoin, but indeed they accept digital assets to own and trade. but at least this is good news, we hope that other countries will follow soon. It is also heard that Vietnam issued their digital currency, of course this indicates that Vietnam also wants to keep up with the times

[Caldear]

This is good news and has a positive impact on the development of cryptocurrency. From the early ban on the use of Bitcoin to the current use of Bitcoin, the country’s recognition of Bitcoin is conducive to its further development. The country has seen the benefits and unlimited value potential of Bitcoin, and there should be more countries using Bitcoin in the future. Bitcoin will continue to exist and become more and more popular.

[Argoo]

Vietnam will soon enjoy cryptos wonders and just like El Salvador, it can be one of the countries that open ups bitcoin to the world. It may not be a huge country but a country's decision would make a huge impact on other country's decision making. Let us hope that things would work out well for Vietnam so that we can boast of crypto more in the world and the same way may happen in El Salvador so let us stay tuned and see if it will be a success in the long run.

In my opinion, you misunderstood this news. Vietnam is not switching to cryptocurrency. The central bank was tasked with introducing its central bank stablecoin over the next two years. I This is already done in most states and the government of this country does not want to lag behind the trend in the global financial system. This news has nothing to do with cryptocurrency directly.

[ene1980]

~
In my opinion, you misunderstood this news. Vietnam is not switching to cryptocurrency. The central bank was tasked with introducing its central bank stablecoin over the next two years. I This is already done in most states and the government of this country does not want to lag behind the trend in the global financial system. This news has nothing to do with cryptocurrency directly.

The headline might be the reason everyone is commenting without reading the actual content  . So if the central bank is tasked with introducing its central bank a stablecoin in the next two years, they are planning to come out with their version of stable currency by their central bank and if they can complete the project and release in the next two years it would be great.

[uneng]

That is very bad news for decentralized crypto currency enthusiasts. A communist government launching their own crypto project will surely go totally against bitcoin. However I can't say it was a surprise because it was probably inspired by communist government of China, which is more advanced on this field, as recently news stated, and probably will help its communists partners.
It's a good moment for bitcoin adopters in Vietnam become alert and follow news about it closely in order to keep their funds protected and act before the government tries something against them.

[Vishnu.Reang]

That is very bad news for decentralized crypto currency enthusiasts. A communist government launching their own crypto project will surely go totally against bitcoin. However I can't say it was a surprise because it was probably inspired by communist government of China, which is more advanced on this field, as recently news stated, and probably will help its communists partners.
It's a good moment for bitcoin adopters in Vietnam become alert and follow news about it closely in order to keep their funds protected and act before the government tries something against them.

Do you think that there is a chance that the government will try to seize the funds? I don't think that is a possibility, at least not in the near term. But dictatorships don't value personal liberty. So in case the Vietnamese government bans the possession of Bitcoin (which they haven't done so far), then it may be better for the users to stay under the radar for a while. In case they need to urgently cash out their coins, then they can travel to some of the neighboring countries to do that. Overall impact on the market will be limited, because of the small size of the Vietnamese market.

[XUNing]

Vietnam once banned the use of Bitcoin and now accepts it. It also calls for pilots of cryptocurrencies based on blockchain technology to express their high recognition of Bitcoin, and bitcoin will also become more and more popular in the country. It also has a positive impact on Bitcoin. The demand for Bitcoin will gradually increase, which is conducive to the increase in its value.

[ElmedoRator]

To be honest, this issue isn't much of a surprise for countries like this. I know this is a country with great potential for economic development in the future, and this change I am seeing is showing many good signs. Vietnam will soon become a major economic power in the future not only because of the potential they have, indeed the people here are very smart, I have a few friends in Vietnam, and they usually do a great job in what they want to do. Perhaps news like this will bring optimism about a future of using cryptocurrencies freely in Vietnam.

[uneng]

That is very bad news for decentralized crypto currency enthusiasts. A communist government launching their own crypto project will surely go totally against bitcoin. However I can't say it was a surprise because it was probably inspired by communist government of China, which is more advanced on this field, as recently news stated, and probably will help its communists partners.
It's a good moment for bitcoin adopters in Vietnam become alert and follow news about it closely in order to keep their funds protected and act before the government tries something against them.

Do you think that there is a chance that the government will try to seize the funds? I don't think that is a possibility, at least not in the near term. But dictatorships don't value personal liberty. So in case the Vietnamese government bans the possession of Bitcoin (which they haven't done so far), then it may be better for the users to stay under the radar for a while. In case they need to urgently cash out their coins, then they can travel to some of the neighboring countries to do that. Overall impact on the market will be limited, because of the small size of the Vietnamese market.

We never know what governments are going to do next, but when they reach too close to crypto currency I think we need to start being careful about our money, especially in crisis times like this where the whole world is still suffering the economical consequences of the pandemic and governments are desperate for extra receipt. Some time ago I asked an exchange I'm a customer if the government could seize the funds stored there from users' accounts and they just replied me to not store my bitcoins on the exchange. That means the possibility does exist.

To have a plan B in case of emergency is a good idea, like a triggered migration to a friendly bitcoin country if necessary.

[perfect999]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.

So they also want to create their own cryptocurrency? Well, not bad. But I do wonder why countries wants to own their own cryptocurrency. China has created their own cryptocurrency and because of that they have banned bitcoin, as a way to bolster the use of their own cryptocurrency which is the digital Yuan.

So, I wouldn’t be surprised that if other countries should develop their own cryptocurrencies that they are also going to do the same thing that this china has done, because they will also want a huge adoption for their cryptocurrency as well.

[worle1bm]

So the government deploying team of so called experts to explore the blockchain technology and they want to make their own CDBC which will be digital form of crap fiat but they just want people to believe that these digital currencies can complete with bitcoin but in reality they know it can't and the only thing they want is control over financial system of the country.Another country and same news of developing their own CDBC not any crypto regulations in Vietnam so don't hope for any positive news.

[ven7net]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

This is actually very strange news. If we take into account the fact that Vietnam previously blocked the use of Bitcoin, and now it has suddenly changed its mind, then one important question arises, why is it suddenly so? I can assume that this decision is possible for the time being temporary and it is not yet a fact that everything will be exactly like this. The question also arises as to how much this news is real, and not just invented by someone. But no matter how it was, if Vietnam really shows the whole world that it is introducing a digital currency system into its banking system, then this will certainly be good news, but in the meantime it may just turn out to be informational manipulation.

[Rasa nanas]

~
In my opinion, you misunderstood this news. Vietnam is not switching to cryptocurrency. The central bank was tasked with introducing its central bank stablecoin over the next two years. I This is already done in most states and the government of this country does not want to lag behind the trend in the global financial system. This news has nothing to do with cryptocurrency directly.

The headline might be the reason everyone is commenting without reading the actual content  . So if the central bank is tasked with introducing its central bank a stablecoin in the next two years, they are planning to come out with their version of stable currency by their central bank and if they can complete the project and release in the next two years it would be great.

other than the title some people are only focused on "Vietnam imposed a ban on Bitcoin payments" 
if that's true why should they issue stable coins themselves? why not use a stable coin that already exists and is used by many people?

[jostorres]

Interesting thing about Vietnam is that they often try to ban things but are never able to enforce it. Maybe someday the government will have enough money to start enforcing like China.

Vietnam is a small country and have small influence unlike China that has a big influence and has a nuclear arsenal that they can use to intimidate everyone including other superpowers. I think that banning isn't the answer and Vietnam thinks so with them now creating their own cryptocurrency, the regulations hopefully makes it favorable to both sides.

It Is not just about power but more about the news itself. El Salvador made bitcoin a legal tender and it is still not something that is huge because the nation as a whole is smaller than most states in USA, maybe there could be a few states but I doubt it, so let alone the whole nation, just even one state of USA is bigger than whole of El Salvador. However it was a news for over a week, why? Because it is a good news and it shows that there are nations that accept bitcoin as something good.

It was El Salvador, now Vietnam, there are few others like turkey and Germany which are bigger, and it is going to get bigger and bigger to hear good news about bitcoin being accepted and liked and supported by governments. This is why I feel like we should be focusing on something not only in the bad news like China, but good things like these without caring about their power.

[Mistafreeze]

Vietnam has a young population who are very familiar with new technology. This youthfulness will probably make them accept crypto much faster than other countries. There was a poll done in 2020 that found 21% of respondents in Vietnam had held or used crypto at some point. That's huge compared to the USA which reported only 6%.

Hopefully the Vietnamese government follows the Singaporean authoritarian model and not the Chinese one.

Vietnam endorsing Cryptocurrency is is a enticing strategy which will help to build her economy enticing more international investors to come and do business relating to crypto mining, software management and other businesses relating to cryptocurrency. This is a big challenge to her neighborhood that is against crypto activities which can lead to shift of business to a more suitable environment that can tolerate good operation of crypto activities.

Vietnam accepting cryptocurrency will really generate more revenue for the country economy by tasking companies that are operating and giving crypto services. It will encourage her citizens whether old and young to be confident enough to invest in Cryptocurrency enlightening them of different aspects and interface in which they can participate in. Learning crypto is a very good skill to learn for one to be able to know and understand the crypto interface, trading, mining and investing which will help to increase job opportunity increasing the employment rate of the Vietnam.

[jinneas]

This trend has had a positive impact on the Bitcoin market. The country went from banning Bitcoin to calling for the use of cryptocurrency, which is an endorsement of cryptocurrency.
As more users use cryptocurrency, people's demand for it will increase, and its liquidity will get better and better. The value of cryptocurrency will continue to rise in the future.

[Sithara007]

We never know what governments are going to do next, but when they reach too close to crypto currency I think we need to start being careful about our money, especially in crisis times like this where the whole world is still suffering the economical consequences of the pandemic and governments are desperate for extra receipt. Some time ago I asked an exchange I'm a customer if the government could seize the funds stored there from users' accounts and they just replied me to not store my bitcoins on the exchange. That means the possibility does exist.

To have a plan B in case of emergency is a good idea, like a triggered migration to a friendly bitcoin country if necessary.

Asset seizure is a reality in many of the countries. And especially so in authoritarian countries such as Vietnam. Remember that these countries still have the socialist mentality (although the government in Vietnam is no longer referred as a socialist regime). In socialist countries, if you are wealthy, then you are considered as an enemy of the state. Sooner or later, you can expect the authorities to act against you (unless you have good connections with the ruling politicians). Even Jack Ma couldn't avoid this in China, so you can imagine the case of less influential people.

[Ngemmeng]

This trend has had a positive impact on the Bitcoin market. The country went from banning Bitcoin to calling for the use of cryptocurrency, which is an endorsement of cryptocurrency.
As more users use cryptocurrency, people's demand for it will increase, and its liquidity will get better and better. The value of cryptocurrency will continue to rise in the future.

some people responded negatively because of the title of the thread.
although this is just a trial run by central banks aiming to introduce their own stable coin, but I think this is pretty good news for cryptocurrencies. I hope this will be done by other countries as well.

[AicecreaME]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

It's good news that Vietnam has finally welcomed bitcoin in their country. I'm glad they have widened their perspective about cryptocurrency. Indeed, without proper knowledge, it is easy to hastily decide because you don't know and do not care about the repercussions of your decision. Good thing they decided to explore and study more about how bitcoin works, paving to the adoption of bitcoin in their country. Hopefully, they will continue their in-depth research about bitcoin's nature. Bitcoin awareness programs and campaigns can be of great help too so that their citizens will also know the benefits of bitcoin and other coins as well as the risks of investing and trading in it. In addition, the way how to process transactions, the basics and fundamentals will hopefully be imparted to help the people minimize possible errors.

[ROSERTY]

Vietnam accepts Bitcoin, this positive news has brought good market sentiment to the Cryptocurrency market. Cryptocurrency has been accepted and recognized by more people, and people have begun to pay attention to and invest in cryptocurrency, which is beneficial to its appreciation potential. As demand increases, blockchain technology will continue to improve, and cryptocurrencies will be recognized in more regions of the world in the future.

[RealMalatesta]

It's good news that Vietnam has finally welcomed bitcoin in their country. I'm glad they have widened their perspective about cryptocurrency. Indeed, without proper knowledge, it is easy to hastily decide because you don't know and do not care about the repercussions of your decision. Good thing they decided to explore and study more about how bitcoin works, paving to the adoption of bitcoin in their country. Hopefully, they will continue their in-depth research about bitcoin's nature. Bitcoin awareness programs and campaigns can be of great help too so that their citizens will also know the benefits of bitcoin and other coins as well as the risks of investing and trading in it. In addition, the way how to process transactions, the basics and fundamentals will hopefully be imparted to help the people minimize possible errors.

I believe that we are in a period of time when bitcoin is seen as something amazing and innovative, nations and companies are all understanding the power of bitcoin and that is a great thing. I personally really feel like we are very lucky about it. Of course there are still long ways to go, this is bitcoin world and we are not doing justice to ourselves by saying that bitcoin is not going to get accepted all over the world, just give it some time and we will be there.

Even China will take a step back and accept that they did something wrong and will start accepting bitcoin soon enough, it is not going to be easy to tell them to stop doing what they are doing right now but when they see other nations making a huge profit from mining and china missing the same profit they used to make, they will end up realizing it was a mistake and will try to get those miners back.

[riso2015]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

That's right, I believe that if the country that is currently against it wants to explore and take advantage of the convenience of cryptocurrency, I don't think there will be any country that prohibits this trade. Because crypto has a long future and deserves to be taken into account, especially bitcoin which has proven its existence so far

[tygeade]

I honestly believe that every single nation that has a problem with their fiat currency should be supporting crypto a lot, and I am not even talking about just letting it be used or anything, I am talking about literally governmental help towards everyone who is involved with crypto. Why? Because when you are doing that you are allowing your citizens to end up working with the foreign people who will end up with making a lot more profit thanks to hiring your citizens for cheap and that is why I honestly believe your nation will prosper thanks to crypto.

At the end of the day you will collect more and more and more dollars. Hell make it free electricity for anyone who will mine in exchange for a higher tax rate for them, which means they will only pay when they earn as well, you made 10k? You pay 5k to tax instead 3k and you pay no electricity, which is a big loss BUT, if you make no income then you pay no electricity (and of course no tax, because no tax when no income) these are all great ways to improve a poor nation.

[tbterryboy]

Well, before now a lot of people in Vietnam has already turned to cryptocurrency, and they have been making use of it for a very long time. What you have said about their government is nothing new at all, but it’s quite interesting these days that there are lots of people who are getting interested in Bitcoin, and there are also those that have chosen to declare it legal. That’s a progress for us as a community and let’s be looking forward to more of it.

There has also been countries where Bitcoin is banned and banks are restricted from working with anyone that is into cryptocurrency trading, so these has kind of made it difficult for a lot of people in those areas. I hope these things gets fixed.

[777Jolami]

This is very optimistic information in this situation.  They are being heavily influenced by the Delta variant, they had 2 very good blocking periods but the situation is getting worse.  I think, Vietnam is a small country that is progressive and takes risks for the process of change.  Few people know that Axie Infinity is a project led by Vietnamese CEO - Nguyen Thanh Trung.  It could be a reagent for the upcoming successes with the blockchain industry in Vietnam.

[Snappycoco]

Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." .

He's probably right. The future is clear and there's no doubt that digital currency will grow. The earlier you adopt the earlier you succeed with this adoption and your country will probably have an edge compare to those who don't use this technology.

[bryant.coleman]

He's probably right. The future is clear and there's no doubt that digital currency will grow. The earlier you adopt the earlier you succeed with this adoption and your country will probably have an edge compare to those who don't use this technology.

I don't find anything positive out of his statement. The digital currency he is referring here is the digital version of fiat, and not cryptocurrencies such as Bitcoin or Ethereum. They are already moving ahead with CBDC project (eCNY or digital Yuan). And at this point, they are turning increasingly hostile towards cryptocurrency, because they believe that Bitcon pose a challenge to eCNY. Anyway, it is too much to expect that an authoritarian country such as China would take conciliatory stance towards decentralized cryptocurrency.

[bonghip]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

I am Vietnamese. Our country does not ban cryptocurrencies but has never allowed its use either. So people can still use cryptocurrencies but will not be protected. I have read this news, but really it still doesn't see any progress. In the future, coding will definitely be accepted. In the future, cryptocurrencies will definitely be widely accepted and used

[Yatsan]

It is a really good news indeed for the fact that this past few months, those countries that have their first impression and stand against crypto is now turning it down and have been widely accepting it into their country already. This is not just a good news for the people who are really wanting to get along with crypto but is just getting restricted by banning of it in their place. Now that Vietnam have already accepted it, then more people will surely get interested about it and this will gradually increase the popularity of cryptocurrencies even more. Good thing that the Prime Minister of Vietnam have think about it and a great decision have been made with regards to cryptocurrency.