Vietnam Plans To Legalize Bitcoin By 2018

Vietnam is on the cusp of joining a growing list of countries that have explicitly legalized bitcoin and other cryptocurrencies, according to local media outlets cited by CoinTelegraph. Prime Minister Nguyen Xuan Phuc has authorized the formulation of a plan that could result in the legalization of digital currencies by next year, reportedly ordered the country’s central bank, ministry of finance and the ministry of public safety to study and draft the legal framework.

If successful, Vietnam would join Japan and a handful of other countries that have explicitly legalized bitcoin and digital currency transactions. The US has taken steps toward regulating digital currencies, but those decisions have mostly been made by regulators, as well as the State of Delaware. In a vague but consequential ruling issued last month, the SEC decreed that digital currencies are securities that should be registered with the commission. Back in 2015, the CFTC ruled that bitcoin should be classified as a commodity, and earlier this summer it approved the first SEF for bitcoin-related derivatives.

Nguyen Xuan Phuc

Like Russia and China, Vietnam was initially skeptical of digital currencies. But like its larger peers, it has slowly warmed to them. Russian authorities announced in June that they were exploring how best to regulate digital currencies, and, earlier this year, Chinese authorities adopted new regulations to ensure local digital currency exchanges enforce its financial rules.

According to CoinTelegraph, the assessment process must be completed by August 2018, but most of the paperwork needed to implement the new regulations should be finished by year’s end.

Part of Vietnam’s framework will include rules for taxing digital-currency users.

“Simultaneously, Vietnamese officials are mandated to work on a taxation system for digital currencies. The system, which will determine how virtual currency users in the country will be taxed, is due for implementation in June 2019.


Moreover, proposals on how to prevent and handle violations concerning the use of cryptocurrencies should be submitted for approval by September of the same year.”

In other blockchain news, CoinTelegraph is also reporting that Papua New Guinea’s central bank has drafted a plan for blockchain integration, joining central banks in the UK, Canada, the PBOC and a host of other countries in exploring potential applications for blockchain technology.

The plan was presented by PNG central bank governor Loi Bakani during a blockchain conference hosted by the central bank.

Bakani said blockchain technology could help introduce more of Papua New Guinea’s people to the banking system.

"It is the new innovations that can change people's lives - almost 85 percent of our people live outside the banking system."

PNG is hoping that the focus on digital technology will attract more foreign investment, bringing more economic opportunity to the impoverished country, according to CoinTelegraph.

Comments

Theta_Burn bwh1214 Sun, 08/27/2017 - 22:56 Permalink

Prevent and handle violations in crypto's use.. got it, (no .gov reach here) so, to be used only only as mandated by a .gov crypto regulatory body.. If you cant fight em co-opt em. How can adopting this improve the economic opportunity 100 of millions of people around the world?Your new and improved one world fiat currency...will be digital. AND regulated.

In reply to by bwh1214

WillyGroper tmosley Mon, 08/28/2017 - 10:52 Permalink

"You know, a bullet to your brain would release you from the pain of living in a world where your chosen investment was not adopted by the wider market." so a bullet to the brain is indicative of "my highly emotional PM investment?"my aggressive hatred of crypto?  i don't hate it or like it...just see the forbidden fruit of where it's headed & you took the bait thinking you're gonna get one over on tptb.don't you have a statue to tear down somewhere?you couldn't be a bigger douche bag.

In reply to by tmosley

Bay of Pigs tmosley Sun, 08/27/2017 - 22:13 Permalink

No, you are full of shit. I never said that.

Once again, you avoid the 800lb gorilla and question of government involving itself in BTC acceptance, regulation, taxation and control. Who the fuck are you kidding talking about gold on this thread anyway? You always bring it up to counter any BTC and crypto concerns or questions.

In reply to by tmosley

Eager Beaver tmosley Mon, 08/28/2017 - 00:20 Permalink

I don't mean to get in the way of your bitch slapping fest here, but here's something none of you fucks are considering. WHOSE government? The US government, and many governments in the "west", are cracking down on crypto's in a big way, while Asian governments are doing everything in their power to legitimize it, promote it, and support it. Who has the most mining power in the world? China. Who is building massive investment and business infrastructure around crypto’s? Singapore. All over the "east", you're seeing adoption of this technology. Why? Might this be an east/west power struggle? Perhaps the Asians, with their long view of both history and the future, are planning something that you all are missing. Who will control the future of Bitcoin? The US? Not bloody likely. Who is going to mine the last Bitcoin, and what will it be worth? China! $1,000,000,000? Who will have the power in the world then? Holders of a worn out, depreciated piece of fiat "reserve" currency filth known as the US dollar? Or Bitcoin? China and Russia are also getting their hands on as much gold as they can buy. Where is the wealth in the world going to be concentrated by 2025?

In reply to by tmosley

GodSpeed_00 Bay of Pigs Sun, 08/27/2017 - 22:13 Permalink

"Bullshit. The entire BTC narrative the last few years was that no government would ever touch it or accept it. BTC was the enemy of fiat, remember?"That's never been the BTC narrative, that has been the stupid gold hoarders and mongers narrative. Then when governments accept it you say they control it. lol idiots.What Decentralized Crypto holders always say is governments can't CONTROL decentralized crypto. Big difference.

In reply to by Bay of Pigs

Yog Soggoth tmosley Sun, 08/27/2017 - 22:38 Permalink

Might happen like you say, except 2018 is a couple of months away, and there is more reports like this coming from other countries. They plan to tax these transactions electronically you know. Freeze transactions they don't like. I will keep my shiny rocks for now, but for you it could be gone. What do I know? I value land over fiat. All the best though.

In reply to by tmosley

tmosley Yog Soggoth Sun, 08/27/2017 - 22:49 Permalink

> Freeze transactions they don't likeThat's not how crypto works.Once initiated, there is no stopping said transaction, absent a massive meteor impact or other world-destroying event.The biggest problem is men with guns at your door. You can avoid this in many ways, including paying them off by paying your taxes, or simply leaving the country for somewhere with no extradition treaty. There are probably other options. But the beauty of crypto is it is extremely flexible.  

In reply to by Yog Soggoth

Eager Beaver tmosley Mon, 08/28/2017 - 00:43 Permalink

Thats not actually the biggest problem. Men with guns at my door aren't likely to find my Bitcoins, or my gold. And no, they're not in the same place, one went down in a boating accident, the other was lost in a "hard drive" accident. Whoops, silly me. Actually the biggest threat facing cryptos today is hackers, not meteors or governments. This is a problem with those of us in this community being too relaxed about our security and storing our coins in unsecured ways. The day will come, probably sooner rather than later, I'd say somehwere between now and $10,000, when we're going to see one of the biggest heists in human history, and that will be the day that everyone's personal wallets get hacked and they lose all their coin. Anyone who keeps their coin in large numbers in an online wallet, first and foremost, or a phone, just as dangerous, if not more so, and even in a desktop wallet, is asking to have everything stolen.It's happening in very limited and isolated ways now, but that's because hackers aren't stupid. They know we'll counter them the moment it becomes apparent, so they're waiting until they've scoped out as many targets as they can, they might be tracking you for years, and one day, you're all going to wake up, and your coins are going to be gone, forever. The only way to prevent this, is to move everything to a hardware wallet that doesn't display your seed words on a device's display, or require you to type them on the device/keyboard. Unless people take this seriously and move to protect themselves, it's going to happen, and when it does, the price of Bitcoin and every other crypto is going to crash overnight as people lose confidence in them, maybe never to return. It could even be state sponsors who do this, our government, the Israeli government, governments all over the world employ teams of hackers for cyber-warfare, this would be the perfect application of that, to destroy confidence in cryptos should they become problematic for the powers that were.

In reply to by tmosley

Jack's Raging … tmosley Sun, 08/27/2017 - 23:21 Permalink

You're allowing your emotions (and investments) to cause you to make an ass out of yourself in this case. Central bankers and governments loathe monetary systems which inhibit their ability to counterfeit currency and manipulate economies. No entity with the power to print has self-restrained their only real tool since...perhaps the Swiss constitution was written? Even then, not by much.

If bitcoin were to pose a threat to any sovereign's ability to control money, or offer a legitimate alternative to central banker script--they wouldn't legitimize it with law. All the more concerning is that this move is coming from their central bank. This kind of action is worthy of alarm, and suggests something ill is afoot.

In reply to by tmosley

tmosley Jack's Raging … Sun, 08/27/2017 - 23:41 Permalink

Sorry, but it is the PM crowd that is overly emotional.And central bankers are FUCKING STUPID. They don't know that they are going to get fucked hard by crypto, just like they didn't know they were going to get fucked hard by PMs when they let Nixon legalize gold ownership in the early 70's.They are ALWAYS fighting the last war. Well, this is the last war they will be alive to fight. It will be a total loss, unlike with PMs and their shitty, centralized, easily co-opted exchanges.

In reply to by Jack's Raging …

Jack's Raging … tmosley Mon, 08/28/2017 - 00:04 Permalink

I can agree that cryptographic currencies are inevitable, but I'm not sure their time is now. We're still in the exploratory and speculative phase. About the only coin that interests me any is Iota, but even then...I have qualms.

Right now each digital currency out there *conceivably* works, but is reliant on herd mentality--on faith. I want to see a form of digitally transactable *money* that is unquestionably linked to an aspect of tangible reality. Money is a facsimile for barter after all. Anything which is not itself linked to the scarcity of reality--IE: can be purposed to ulterior uses, fails this serious requirement.

In the meantime, we know that states and central banks want us to go cashless/digital in order to concrete total control. If these actors advocate a certain method which engenders this cashless society--then I have almost every reason to be skeptical to the point of non-participation. Call me a purist, luddite, whatever. I'm not looking for a get rich quick scheme. I have the ability to earn comfortably in any environment, because my skills and assets are linked to tangible reality. Go ahead and make your money. Enjoy your speculation and faith--because that's what it is. Just, be a little less obnoxious about the cross you hang from and you might be more persuasive.

In reply to by tmosley

Eager Beaver Jack's Raging … Mon, 08/28/2017 - 02:02 Permalink

You don't know Jack about crypto. Sorry, couldn't resist. Do you understand how crypto's are created? I don't think you do, or you'd understand what it is that is backing them, it is tangible, very much so, and it has nothing to do with "herd mentality". Speculation and wide spread adoption do, perhaps, but that's not what's "backing" crypto’s. Do you realize how much brain power is backing crypto’s? Or computing power? Or electrical power? Do you think some dipshit in the Yukon with a sluice box and a gold pan has more invested in his mining than some kid in Indonesia with an Ethereum mining rig? Do you understand the role mining plays in crypto's? Do you understand the vital role computer networks play within our society today? Do you understand blockchain technology, and the importance of it? Not only within the universe of digital currencies, but in virtually every single aspect of our automated world? Do you understand that not all crypto "currencies" are intended to be currencies at all? Do you even understand how the human genome was cracked? We are so far past the exploratory phase, we left that phase over 5 years ago, and as for the speculative phase, that hasn't even begun yet in earnest.https://www.youtube.com/watch?v=iyq4od8MBoE

In reply to by Jack's Raging …

Jack's Raging … Eager Beaver Wed, 08/30/2017 - 16:35 Permalink

Ah yes, another zealot with no real understanding of his faith.

Bitcoin is "backed" by computing power? Common statement. So, why don't you take that computing power and do something with it? Take those electrons that were used to "mine" bitcoins, and do something with them. What's that? You can't? How about you use all of that CPU/GPU processing architecture that was used to mine bitcoin and do something with it. What's that? You can't?

Cryptos require electricity, they don't generate it. Cryptos utilize networks--they do not guarantee them. Cryptos burden computer architecture by hashing bits that have no purpose other than to be traded. Stop confusing the application of these resources as providing value to crypto currencies--because they don't. They use resources, not instill them.

You see, this is the fundamental problem with crypto-currencies. They have no alternative use. Zero. Outside of being a unit of transaction, they literally cannot be purposed to anything. That means their only value is in being traded, which is only valuable if people believe others will accept them. Therefore; all cryptos are faith based and totally reliant on herd mentality. Every single one.

In reply to by Eager Beaver