PM of Vietnam calls to bring regulation framework on cryptocurrencies

The matter of crypto regulation is getting traction in Vietnam again, where the deputy prime minister seeks toward crypto regulation in the country. 

It is hard to say whether Vietnam is a crypto and blockchain-friendly country or not but Vietnamese citizens are standing at the top in terms of the highest percentages of the crypto investor list. Crypto trading is allowed for citizens but are prohibited to use Bitcoin transactions for payment purposes. 

Last week, The deputy prime minister of Vietnam, Le Minh Khai, proposed his suggestion to introduce a Crypto regulation framework for the crypto industry. 

The Deputy Prime minister said that the Ministry of Finance should consider crypto regulation as a priority matter. Through the proposed suggestion, the Deputy Minister Instructed to use of particular legal documents for the same.

According to the last day report of VietnamNet, the Deputy Minister instructed the Finance Ministry to work separately on the development of the framework for crypto beside the development work of the Ministry of Justice, Information and Communications and the State Bank of Vietnam. 

Earlier in 2017, the Prime minister of Vietnam introduced Decision 1255, which was aimed to bring a regulation system for virtual currencies including cryptocurrencies. 

Now the new regulation framework development will go through under Decision 1255. 

Complicated Crypto relationship of Vietnam 

In the past Vietnam showed a complicated relationship with the crypto and blockchain industry. 

In 2014 Country started to ban Bitcoin transactions to prohibit the citizens from using it in the payment system but the situation turned to opposite when PM Nguyen Xuan Phuc approved the legality of Bitcoin transactions in the payment system. 

But again in 2018, Bitcoin use in the payment system has been banned by the country. 

Later in 2020, the Country established the “Crypto Research Group” to figure out the new provisions and framework system for the crypto industry.

Read also: Member of Indian parliament raised voice in support of crypto regulation In the Rajya Sabha