Vietnam aspires to enter the crypto market, following in the footsteps of El Salvador. According to reports, the Vietnamese government is putting together a legal framework specifically for cryptocurrency. Le Minh Khai, the country’s Deputy Prime Minister, has assigned three departments to work on the country’s crypto framework.
Last week, the Ministries of Finance, Justice, as well as Information and Communication, were ordered to look into the framework. The aforementioned Ministries are required to join hands with the State Bank of Vietnam, the country’s central bank to curate the framework.
The details pertaining to the framework are still under the wrap. However, the latest news reveals that Vietnam seemed to be extremely bullish about crypto.
Here’s what the Ministry of Finance has to do
The Ministry of Finance is one among the other three agencies that would aid Vietnam in taking the orange pill. As per the latest reports, the Ministry of Finance would be required to coordinate with other entities like regulators along with the central bank. This collaboration is expected to aid the parties in figuring out the details of the amendment procedure of certain legislation. Amendments aren’t the only concern. Supplementing and as well as promoting the inclusion of crypto is also a requirement.
This framework’s release date has yet to be announced. The Ministry of Finance will also be required to provide the government with a specific timeline for implementation.
The Ministry of Finance had already established a research panel to oversee the entity’s crypto actions.
Vietnam’s interest in crypto dates back to 2017
Since 2017, the Vietnamese government has apparently been interested in cryptocurrency. Conflicts inside the government, on the other hand, did not help crypto. Following that, the Prime Minister approved a strategy in 2017. Decision 1255 gives the government permission to develop a legal framework for “virtual assets, digital currencies, and virtual currencies.“
Crypto ideas were all over the place in 2018. Despite this, due to differences of opinion, no resolution was reached.
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