$BTC Vietnam adopts **"pragmatic regulation of 'non-ban, but allow' for cryptocurrency**:

1. **Prohibition of payment tool status**: The central bank clarifies that cryptocurrencies are not legal tender, prohibits payment settlements, and restricts financial institutions' involvement.

2. **Toleration of personal trading/holding**: Citizens are not prohibited from trading on overseas platforms, 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 crypto sector.

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

**Impact summary**: Under fragmented policies, **high public participation coexists with regulatory vacuum**, which short-term fuels speculative frenzy but long-term requires compliance guidance, with technological development and financial risks rising in tandem.