#VietnamCryptoPolicy
Vietnam's encryption policy is relatively strict and reflects the government's cautious stance towards cryptocurrencies like Bitcoin and Ethereum. Here’s an overview of the current situation:
🔐 1. The legal status of cryptocurrencies:
Not a legal currency:
The State Bank of Vietnam (SBV) does not recognize cryptocurrencies as a legal means of payment.
Payment with cryptocurrencies is prohibited:
Since October 2017, the government has declared that the use of cryptocurrencies as a means of payment is illegal and can lead to fines of up to $9,000 or even criminal penalties.
Holding and trading:
Despite the ban on using them as a means of payment, there is no explicit prohibition on owning or trading cryptocurrencies for investment purposes. This means individuals still buy and sell cryptocurrencies through external platforms.
📜 Regulatory and legislative framework:
In recent years, the government has been working to establish a comprehensive legal framework to regulate digital assets and blockchain technology.
In 2021, the Vietnamese Prime Minister instructed the central bank to begin testing a central bank digital currency (CBDC).
There are ongoing efforts by the Ministry of Finance and other regulatory bodies to study digital assets and the possibility of issuing new laws.
Code and trading operations.
