To avoid inflation, currency control, distrust and safer investments, developing countries want to embrace crypto. Now, it’s Vietnam’s turn to seek benefits from cryptocurrency, as according to a local media outlet, the country’s authorities are working on paperwork to legalize cryptocurrencies.

Deputy prime minister of Vietnam, Le Minh Khai, gave instructions to the Central Bank and Ministries of Finance, Justice, Information & Communications to build a legal framework for digital assets to legalize cryptocurrency in the country.

Khai sent a March 23 notice to authorities asking them to develop laws and regulations that will allow the cryptocurrency industry to be legislated and regulated. According to the report:

“This is being done to complete the legal framework for the management of virtual assets, virtual currencies, digital assets, and cryptocurrencies in accordance with Decision 1255.”
Decision 1255, issued in August 2017 by Vietnam’s prime minister, ordered the authorities to study digital assets, explore their utility for the country and their relationship with traditional currencies.

Flipside

• Vietnamnet reports that the country is planning on launching a CBDC (Central Bank Digital Currency), as part of its strategy to create e-commerce and a Digital Government.

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