Vietnam to Legalize, Regulate Bitcoin
Vietnam is set to join the growing list of nations that have legitimized Bitcoin. In the latest move, the government of the South East Asian country hinted at sanctioning virtual currencies, including Bitcoin. Absence of legal framework an obstacle for Bitcoin’s adoption. In a proposal, the Vietnamese authorities revealed that the lack of a legal framework regulating virtual currencies is robbing the country of investments. More so, just like the unfounded fear of many other governments that Bitcoin and other virtual currencies are a conduit for money laundering, smuggling, terrorism and....
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The Vietnamese government is working toward building and introducing a comprehensive legal framework surrounding virtual currencies like bitcoin, a report has revealed. As a country that has seen its fair share of mainstream pyramid schemes misusing bitcoin – leading to regulators and authorities warn against the use of the digital currency – Vietnam is working toward enforcing legal frameworks for virtual currencies and properties, choosing to regulate the innovation rather than ban it. According to a report in regional publication VnEconomy, the Vietnamese government has begun a project....
Vietnam has had a particularly rocky relationship with bitcoin. Just a few months ago, the country was shattered by an alleged Ponzi scheme surrounding bitcoin activity. Promises were made that ultimately weren’t kept, and several people lost money that could have otherwise gone to much smarter and loftier purposes. There have been several warnings about bitcoin in Vietnam since it first arrived on the scene. Like Russia, the nation has sought to keep a safe distance, believing it likely stirs up trouble and related criminal activity, though remittance systems via bitcoin are present all....
Vietnam is treading waters into the cryptocurrency industry, as the government recently commissioned a research group for the purpose. The Vietnamese Ministry of Finance is conducting an in-depth study of cryptocurrencies for regulation purposes. One Million Vietnamese Are Reportedly Crypto Users According to ASEAN Briefing, the ministry seeks to gather enough data to clearly see how a regulatory process can be made in the country. The research comes in the wake of virtual currencies booming globally in terms of popularity, says the announcement. The government believes there is an....
A new draft law introduced to the Senate in Uruguay could regulate cryptocurrency transactions, and also legalize cryptocurrency as an accepted payment method in the country. If approved, the draft proposed by Senator Juan Sartori would also introduce licenses for Virtual Asset Service Providers (VASPs) that would be issued by the government, classifying them into three different groups. Draft Law in Uruguay Seeks to Legalize Crypto Payments A new draft law introduced to the senate of Uruguay on August 3 proposes the legalization of cryptocurrencies as a valid means of payment for goods....
Bitcoin ATM operator EasyBit said today it plans to install three new bitcoin ATMs in Vietnam. The company already operates one machine in Ho Chi Minh City, the country’s largest city. At the same time, it announced a partnership with local exchange Bitcoin Vietnam to supply all four machines. EasyBit already operates over 60 bitcoin ATMs in over 10....