The government's cautious stance on 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 in cryptocurrencies is prohibited:

Since October 2017, the government announced that the use of cryptocurrencies as a means of payment is illegal and can result in 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 that individuals are still buying and selling cryptocurrencies through foreign platforms.

📜 Regulatory and legislative framework:

In recent years, the government has been working on establishing a comprehensive legal framework to regulate digital assets and blockchain technology.

In 2021, the Prime Minister of Vietnam 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.

Codes and trading operations.