#VietnamCryptoPolicy

Vietnam's encryption policy is relatively strict and reflects the government's cautious stance on cryptocurrencies like Bitcoin and Ethereum. Here is an overview of the current situation:

🔐 1. The legal status of cryptocurrencies:

Not legal tender:

The State Bank of Vietnam (SBV) does not recognize cryptocurrencies as a legal means of payment.

Payment in cryptocurrencies is prohibited:

Since October 2017, the government announced 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 are still buying and selling 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