Vietnam to develop legislation for digital currencies

by in Cryptocurrency News

Vietnam

Over the past few years, the Vietnamese authorities have periodically appealed to the citizens of the country with a call not to invest in cryptocurrencies.

However, interest in such assets in the country, on the contrary, continues to grow steadily, and officials can no longer ignore this trend. Therefore, they decided to start legalizing the cryptosphere, according to local news outlet Vietnamnet.

The Deputy Prime Minister of Vietnam instructed three ministries (the Ministry of Finance, the Ministry of Justice, and the Ministry of Information) to prepare a draft law designed to protect crypto investors and ensure transparency in transactions with digital assets.

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The Central Bank of Vietnam will also develop the regulatory framework. Deputy Prime Minister Lee Ming Hai emphasized that the legislation will be based on the principles outlined by the authorities back in August 2017.

If earlier Vietnam tried to stifle the industry by banning the use of bitcoin as a payment instrument, now this country is changing its strategy and trying to become the center of development of the cryptocurrency industry.