#越南加密政策 Vietnam adopts **"non-prohibited, default permitted" pragmatic regulation on cryptocurrency**:

1. **Prohibition of payment tool status**: The central bank clearly states that cryptocurrencies are not legal tender, prohibiting payment and settlement, and restricting financial institutions' involvement.

2. **Tolerating personal trading/holding**: Citizens trading on foreign platforms are not prohibited, making Vietnam one of the countries with the highest cryptocurrency adoption rates globally (top five in 2023 Chainalysis data).

3. **Encouragement of blockchain technology**: The government actively promotes blockchain applications, supports technological research and sandbox testing, contrasting with the crackdown on the crypto sector.

4. **Gray market risks**: The lack of clear regulations leads to fraud and money laundering risks, with weak protection for investors' rights.

**Impact Summary**: Under policy fragmentation, **high public participation coexists with regulatory vacuum**, creating a speculative boom in the short term but necessitating compliant guidance in the long term, with technological development and financial risks rising simultaneously.