Vietnam Becomes Latest Country to Turn to Crypto

[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.

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[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.