Bitcoin Legal In Vietnam

Reports explain that vietnam is now on the verge of legalizing bitcoin and cryptocurrency usage and legislators are looking for ways to regulate bitcoin activity and instill new rules that will allow it to be used in the form of non cash payments. Trading in bitcoin in vietnam is still unrestricted and unregulated by law and two largest bitcoin markets in vietnam vbtc and bitcoin vietnam are working without being restricted.

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Moreover the current law has not yet specified whether bitcoin is a currency or commodity or payment instrument this means that bitcoin trading services are not payment services and therefore bitcoin exchanges and traders are not governed by decree 101 of 2012 the company justifies adding that bitcoin is not banned from trading and use as a type of intangible goods.

Bitcoin legal in vietnam. The legal status of bitcoin and related crypto instruments varies substantially from state to state and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal its status as money or a commodity varies with differing regulatory implications. In august 2017 vietnam s prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by the end of 2018.

If and when this occurs vietnam will stand alongside nations like the united states france germany canada and japan all of which have carved out regulatory practices that can be applied to bitcoin and related cryptocurrencies. Vietnam bitcoin company limited always lists trading prices of bitcoin in vietnam dong.

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