Vietnam Is Preparing to Legally Recognize Bitcoin

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment, reports say.

Aug 25, 2017 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 6:51 a.m. UTC

Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.

According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.

An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.

In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019.

If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.

Ho Chi Minh City, Vietnam image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Crypto Wallet BitKeep Raises $15M at $100M Valuation

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

Dragonfly Capital led the round, which will fund a cross-chain DAO for wallet users.

2
SEC’s Gensler Uses Crypto Oversight Needs as Case for Higher Budget

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

SEC Chair Gary Gensler told U.S. House budget appropriators that he’d like to be doing more to protect crypto investors.

3
Mike Novogratz Ends Twitter Silence, Shares Take on UST/LUNA Crash

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

The Galaxy Digital CEO confirmed that his company had been taking profits on its Terra holdings this year.

4
Chainalysis Reveals ‘Storyline’ Product to Follow the Money in Crypto Crime

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.

“You have an entire investigation that tells the entire story of what happened,” Chief Scientist Jacob Illum said.