Vietnam to Legally Recognize Bitcoin in 2018

Good news for cryptocurrency adoption – another country decides to gives Bitcoin a proper legal status. This time it’s Vietnam, and considering that the country is pretty popular with US expats related to IT – this could mean a great move into the startup arena for Vietnam.

Though the details are not clear yet, it has been reported that Vietnamese authorities will be drafting Bitcoin-related legislation by August 2018, and the end of 2018 should see proper legal formalization of BTC. Most probably Bitcoin will be defined as a commodity like it has been in the USA or Hong Kong.

 

Q.: Is Vietnam going to legalize Bitcoin?

A.: Technically BTC is not illegal in Vietnam, however there is no proper legislation that would define the usage of the cryptocurrency. In 2014 Vietnamese authorities issued a Bitcoin ban, stating that Vietnamese Dong is the only currency used in the country. However, giving Bitcoin a proper legal status is a logical next step, because clearly the ban has been ineffective. Let’s see how heavily regulated Bitcoin will become in the legislation draft!

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