How are we going to regulate cryptocurrency?

The Vietnamese authorities are determined to effectively regulate the cryptocurrency sector.

Strong determination

The Vietnamese Ministry of Justice has proposed to the government several alternative solutions in a report that contains an observation of the current legislation and an evaluation of the cryptocurrency related business activities in the country . A number of proposals on the changes deemed necessary were also presented.

He prospected three policy choices used in different parts of the world.

• The first, so-called floating, presupposes the establishment of a relatively permissive regulatory regime.
• The second is called prohibition.
• And the third is the formalization of digital goods transactions under certain conditions.

According to Nguyen Thanh Tu, director of the Department of Civil and Economic Law, the advantages and disadvantages of these policy options have been analyzed. They will serve as a basis for other government considerations to balance the risks and potential associated with crypto-currencies but also to provide benefits to investors and support the development of Blockchain technology in general.

As a result of the trend in the executive branch, relevant ministries and departments will establish an appropriate legal framework to govern digital currencies and fiduciary currencies.

Although indecisive ...

Even though no decision has yet been taken on cryptocurrencies, opinions are already diverging.

The country's central bank has made it clear that it does not recognize tokens as legal tender. In July, she testified that she was not involved in any effort to manage the circulation of Bitcoin in the country and claimed that tokens can not be used as a means of payment.

In the same month, Vietnam's securities regulator mandated companies and investment funds to move away from cryptocurrencies. Nguyen Xuan Phuc, the prime minister, has imposed on the relevant bodies to set up a legal framework for crypto-currencies and crypto-industry.

Finally, although cryptocurrency mining is a source of revenue for many Vietnamese businesses and citizens, last summer the country's finance ministry banned imports of mining equipment.

However, not all institutions support this measure. The Ministry of Industry and Trade has expressed concern over the suspension, noting that the restrictive measure would affect all companies using the equipment.

What do you think of the possible regulation of cryptocurrencies in Vietnam? Should France take an example? Share your opinion in the comments section!