Bitcoin legalization is represent the general trend is expected to launch a digital currency, the Vietnamese government regulatory framework for next year
According to Vietnamese media reports, the Vietnamese government plans to establish a complete legal framework for bitcoin and other virtual currencies.
There are a lot of Pyramid scam in Vietnam, mostly involving bitcoin abuse. Therefore the supervision department and the government warned people cautious use of digital currency. Now, the Vietnamese government plans to launch virtual currency and property of the legal framework, they choose the regulatory innovation, rather than direct ban.
According to local media VnEconomy reported that the Vietnamese government has begun a comprehensive review of the digital currency, the country plans to eventually create a virtual property, according to the electronic currency and virtual currency comprehensive legal framework”.
The government has authorized its various departments to review the virtual money and property in the use and operation of vietnam. Finally, the central bank and the Ministry of justice, Ministry of communications, Ministry of industry and trade and other major institutions will jointly improve before December 2017 and the launch of this legal framework.
Specific regulatory mode may learn from other countries, the government and related organizations, including Japan, the United States and the European Union (EU). In Japan this year passed a bitcoin exchange regulation and supervision; between the states in different ways, New York BitLicense is a typical representative of the country’s existing legal system.
The Justice Department said, although bitcoin has not been officially recognized in Vietnam, but the legal system construction of the virtual currency is very necessary. Bitcoin’s market value has exceeded $12 billion, so there are a lot of cases involving. The jurisdiction of civil litigation and criminal because bitcoin transactions generated belong to the Ministry of justice, so it is important to perfect the legal system.
The report pointed out that the comprehensive study and understanding of the Vietnamese government and regulatory bitcoin, will eventually lead to tax the encrypted currency trading or profit. It is reported that any tax avoidance will be subject to criminal penalties, the relevant tax rules will be formally launched in 2018.
Vietnam is currently a big economy the rapid development in the world, the poverty line continues to decline, the popularity of smart mobile phone rate is also more and more high. Intelligent mobile phone let a lot of people do not have bank accounts or previously no access to computer technology people know and understand bitcoin.
Unfortunately, Vietnam’s economic development has also brought other digital currency bitcoin illegal fund-raising scam. For example, a pyramid investment scam using bitcoin for illegal fund-raising, announced the failure in collecting $1 million 100 thousand; a Pyramid scheme using bitcoin illegal earning $100 thousand, resulting in the government issued a warning to remind the public, careful use of encryption currency.
The Vietnamese government plans to show prejudice before they have completely abandoned, changed their position.
At the same time, South Korea after bitcoin transactions rose sharply, the government is also in the digital currency supervision method research in other countries. The South Korean government is expected to introduce specific regulatory scheme of bitcoin exchange and business.