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Vietnam’s Government Is Developing A Framework To Legalize Bitcoin

Following in the footsteps of El Salvador, Vietnam hopes to enter the crypto market. According to rumours, the Vietnamese government is developing a legal framework for cryptocurrency. The country’s Deputy Prime Minister, Le Minh Khai, has designated three departments to work on the country’s crypto framework.

The Finance, Justice, and Information and Communication Ministries were all given orders to investigate the framework last week. To curate the framework, the aforementioned Ministries must collaborate with the State Bank of Vietnam, the country’s central bank.

The framework’s specifics are still being kept under wraps. However, according to recent reports, Vietnam appears to be quite positive about cryptocurrency.

One of the other three agencies that will assist Vietnam in taking the orange pill is the Ministry of Finance. According to recent reports, the Ministry of Finance will be expected to work with other organizations such as regulators and the central bank. This partnership is expected to assist the parties in determining the specifics of the legislative amendment process. The issue of amendments isn’t the only one that needs to be addressed. It is also necessary to supplement and promote the use of cryptocurrency.

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The release date for this framework has yet to be determined. In addition, the Ministry of Finance will be forced to furnish the government with a clear implementation timeline.

A research group had already been established by the Ministry of Finance to oversee the entity’s crypto activities.

The Vietnamese government has reportedly been interested in bitcoin since 2017. Internal government strife, on the other hand, did not help crypto. In 2017, the Prime Minister authorized a strategy as a result. The government has been given the authorization to build a legislative framework for “virtual assets, digital currencies, and virtual currencies” under Decision 1255.

In 2018, crypto ideas were all over the place. Despite this, no agreement was reached due to differences of opinion.