Vietnam, from complete criminalization 🚫 to legal regulation 📋 to official recognition ✅
🔒 In the past, many countries, such as Vietnam, India, and China, dealt with digital currencies with a degree of suspicion and extreme caution, with some governments going so far as to criminalize their use as a means of payment or even possession by individuals and companies. These policies were driven by concerns related to 📉 price volatility, 💣 financing illegal activities, and the inability to monitor financial flows outside traditional banking frameworks.
👮♂️ However, these countries were surprised, after years of prohibition, that a wide segment of their citizens had come to own digital assets such as Bitcoin, Ethereum, and others. In some cases, these countries ranked highly in global cryptocurrency adoption rates, despite the strict restrictions and laws imposed on them.
⚖️ This reality prompted governments to reconsider their positions. Instead of continuing the futile confrontation, they began adopting a more realistic and flexible approach, focusing on regulating the market rather than suppressing it. Central banks launched sovereign digital currency (CBDC) projects, local exchanges were allowed to operate under legal frameworks, and some governments even began experimenting with holding Bitcoin within their investment portfolios or using it as a financial hedge.