Vietnam is preparing to legalize bitcoin and other cryptocurrencies

The Vietnamese government is preparing to legalize Bitcoin and other cryptocurrencies in order to spur the development of the digital marketassets.

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Deputy Prime Minister Le Ming Xaiordered to develop a regulatory act on the legalization of virtual currencies to three departments: the Ministry of Finance, the Ministry of Justice and the Ministry of Information and Communications. The Central Bank, in turn, will oversee the work on the draft policy reform in relation to digital assets.

Specific information on marketing controlscryptocurrencies and the deadline for the adoption of amendments to the current legislation has not yet been disclosed. However, the desire of the authorities to legalize coins indicates that officials highly appreciate the potential of tokens and cryptocurrencies and want to integrate them into the economy.

Vietnamese officials for the first time spoke aboutlegalization of cryptocurrencies in 2017. Then Prime Minister Nguyen Tan Dung approved a plan to legalize digital assets, but politicians could not reach a consensus on regulating the circulation of coins, and the reform failed.

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