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Vietnam divided between supporters and opponents of digital currencies .. Who will get the final decision?

2018-11-12 10:26 am | Resource: News Section | No Views : 292

Vietnam divided between supporters and opponents of digital currencies .. Who will get the final decision? The authorities in Vietnam are still considering digital currency regulation. Recently, the Ministry of Justice has put forward several solutions on the issue, and the Ministry of Industry and Trade has rejected the ban on the importation of digital coin tools.

The Ministry of Justice makes proposals to regulate the digital currency market

vietnam and bitcoin
The Ministry of Justice of Vietnam submitted a report to the Government in Hanoi, which contains a review of existing legislation and an assessment of the country's digital currency business activities. The authors of the document also made a number of suggestions for the changes they deem necessary.
The ministry explores three alternative policies that are applied in different parts of the world. The first approach, referred to as "floating", involves the implementation of a relatively coherent regulatory system. The second: the so-called "ban" is largely no need to explain. The third option is to codify digital asset transactions under certain circumstances.
The Ministry has explored the development of various digital currency operations in Vietnam and abroad. The pros and cons of the studied trends were analyzed, said Nguyen Thanh Tu, director of civil and economic law. The analysis will be the basis for further consideration by the Vietnamese government, Tu said.
The official added that the ministries and departments concerned will build an appropriate legal framework for asset management and digital currencies after the executive chooses the direction you want to follow. Hanoi is believed to balance the risks and potentials associated with digital currencies to ensure that investors benefit from them and support the development of encryption technology in general.

Central Bank of Vietnam rejects digital currency clearly

vietnam and bitcoin
The country's central bank has clearly made no mention of it as a legal currency in July, when the bank made clear it was not involved in any efforts to manage Bitcoin trading in Vietnam and warned that the virtual currency could not be used In payment, the Vietnamese securities regulator told companies and investment funds to stay away from digital currencies. Prime Minister Nguyen Xuan Fukuuk ordered the relevant agencies to draft a legal framework for digital currencies and the industry built around them.
According to estimates quoted by the Viet Nam News, about 1% of the population of Vietnam currently use digital currency, in a country of 95 million people, there are nearly one million enthusiasts. They are expected to increase 30 times over the next decade.

Digital currency mining in Vietnam is in danger

Vietnam is at the crossroads of digital currency systems. Digital currency mining has become a source of income for many Vietnamese companies and ordinary citizens. Last summer, the country's finance ministry proposed suspension of imports of mining equipment - a measure supported by the State Bank of Vietnam and the Ministry of Public Security. According to statistical data provided by the General Administration of Vietnamese Customs, more than 27,000 items of mining were imported into the country in 2017, more than 15,000 in the first five months of this year.

The Ministries of Industry and Communications wish to re-import

vietnam and bitcoin
However, not all institutions support the ban, for example, the Ministry of Industry and Trade expressed concern about the planned suspension, warning that this action will affect all companies using these devices. And submitted a proposal to the Prime Minister's Office to study and classify these devices before imposing any restrictions on their importation. The Ministry of Information and Communications has already divided them into two categories, ASICs and graphic processing units, noting that video cards have other applications besides mining.

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