#越南加密政策 Vietnam adopts **"pragmatic regulation of 'not prohibited is permitted' for cryptocurrencies**:

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

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 technology research and development, and sandbox testing, contrasting with the crackdown on the cryptocurrency sector.

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

**Summary of impacts**: Under a fragmented policy, **high public participation coexists with regulatory vacuums**, creating short-term speculative booms but requiring long-term regulatory guidance, with technology development and financial risks rising in tandem.