Vietnam takes the orange pill; Legalisation of crypto underway

Sahana Kiran
Source – Unsplash

Following the footsteps of El Salvador, Vietnam wants to take a dive into crypto waters. The Vietnamese government has reportedly been curating a legal framework solely for cryptocurrency. The Deputy Prime Minister of the country Le Minh Khai has mandated a total of three ministries to work on the framework pertaining to crypto.

Last week, the Ministries of Finance, Justice, as well as Information and Communication, were ordered to look into the framework. The aforementioned MInistries are required to join hands with the State Bank of Vietnam, the country’s central bank to curate the framework.

The details pertaining to the framework are still under the wrap. However, the latest news reveals that Vietnam seemed to be extremely bullish about crypto.

Here’s what the Ministry of Finance has to do

The Ministry of Finance is one among the other three agencies that would aid Vietnam in taking the orange pill. As per the latest reports, the Ministry of Finance would be required to coordinate with other entities like regulators along with the central bank. This collaboration is expected to aid the parties in figuring out the details of the amendment procedure of certain legislation. Amendments aren’t the only concern. Supplementing and as well as promoting the inclusion of crypto is also a requirement.

The release date of this framework hasn’t been disclosed yet. The Ministry of Finance is also needed to give the government a particular time frame for its implementation.

The Ministry of Finance had previously set up a study group that supervised the entity in taking decisions about crypto.

Vietnam’s interest in crypto dates back to 2017

The Vietnamese government has reportedly been eyeing crypto since 2017. However, clashes within the government did not do any good for crypto. The Prime Minister went on to approve a plan back in 2017 itself. Decision 1255 gives a green signal for the government to formulate a legal framework that looks into “virtual assets, digital currencies, and virtual currencies.”

Once again in 2018, crypto proposals were all over. Yet, no conclusion was reached thanks to differences in opinion.