Vietnam Creates Legal Framework To Legalize Cryptocurrency – DailyCoin

Vietnamese Government and Central Bank Developing Legal Framework for Crypto social

Developing countries are eager to use crypto to escape inflation, currency controls, government mistrust and to ensure safer investments. Now it is Vietnam’s turn to reap benefits from cryptocurrency as the country’s authorities are working on paperwork to legalize cryptocurrencies, according to a local media outlet.

Vietnam’s Deputy Prime Minister Le Minh Khai instructed the Central Bank and Ministries of Finance, Justice, Information and Communications to build a legal framework for digital assets to legalize cryptocurrency in the country.

Khai issued a message on March 23 asking authorities to work on laws and regulations so that the crypto industry can be legitimized and regulated. The report states:

“This is being done to complete the legal framework for the management of virtual assets, virtual currencies, digital assets and cryptocurrencies in accordance with Decree 1255.”

Decree 1255, issued in August 2017 by the Vietnamese Prime Minister, ordered authorities to study digital assets, investigate their usefulness to the country and their relationship to traditional currencies.

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