The deputy Prime Minister of (the world’s largest crypto holding population country) Vietnam, Le Minh Khai, has delivered a notification towards the Vietnamese Finance Ministry instructing the governing body to investigate and construct laws while making amends in order to create a complete legal framework for the cryptocurrency and the related digital assets market.
In a notice issued last Wednesday, the deputy prime minister of the country told the Finance Ministry of the country to assume the responsibility to develop a proper legal framework for the entire crypto market. The report has also instructed the ministry to find out about the specific legal paper that will require modification.
The Vietnamese Finance Ministry will work together with the State Bank of Vietnam, the Ministry of Justice and the Ministry of Communication and Information to create a regulatory framework for the cryptocurrency-based asset market, as reported by Vietnam Net. The three separate departments will also work together with the central bank to find out the implication of cryptocurrency in their country’s economy as well as find out the various constitutional aspects of digital assets.
The country had a complicated relationship with cryptocurrency and other digital assets over the last few years. In the year 2014, the country imposed a proper ban on Bitcoin, but things took a U-turn when the country’s Prime Minister, Nguyen Xuan Phuc, approved the usage of Bitcoin (BTC) as a currency and mode of payment in 2017. But in 2018, BTC was again banned from being used as a mode of payment in the country.