Vietnam Becomes Latest Country to Turn to Crypto

[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.