Vietnam Becomes Latest Country to Turn to Crypto

[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.