#越南加密政策 Vietnam adopts a **"pragmatic regulation of 'neither prohibited nor permitted' for cryptocurrency**:
1. **Prohibition of payment tool status**: The central bank explicitly states that cryptocurrency is not legal tender, prohibits payment settlement, 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 space.
4. **Gray market risks**: The lack of clear regulations leads to fraud and money laundering risks, with weak protection of investors' rights.
**Impact summary**: Under fragmented policies, **high public participation coexists with regulatory vacuums**, creating a speculative frenzy in the short term but necessitating regulatory guidance in the long term, as technological development and financial risks rise in tandem.
