Vietnamese Government and Central Bank Developing Legal Framework for Crypto
Vietnam is creating a legal framework for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework. Vietnam Creating Legal Framework for Crypto Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are....
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In mid-February, the Vietnamese government issued a statement explicitly prohibiting residents from using Bitcoins at all within the country. According the Vietnamese central bank, only the national currency, the Vietnamese dong, can be used as a form of payment. According to the bank’s legal interpretation, then, Bitcoin constitute an illegal form of payment. “The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactions and affirming that the Vietnamese Government does not recognize and allow the Bitcoin....
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....
Kyrgyzstan has regulated the crypto exchanges and the mining industry, however, there are no laws governing the circulation of cryptocurrencies in the country. Kyrgyz member of parliament (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary committee meeting on law and order and combating corruption.During his speech, MP Khanjeza advocated for developing a legal framework for the crypto market and suggested amendments to the draft law to incorporate virtual assets. He said, "nothing is growing as fast as cryptocurrency."He added that their....
The Bank of Botswana (BOB) has said the country does not have a specific legal or regulatory framework pertaining to crypto assets. The bank does, however, warn residents investing in cryptocurrencies that they will have no legal recourse should they suffer financial losses.
Central Bank Responding to Public Inquiries
In its statement released on November 10, the central bank starts by acknowledging that local residents, just like their counterparts around the world, are engaged in cryptocurrency trading. In addition, the BOB also acknowledged that it has been receiving and....
Vietnam has had quite a love and hate relationship with the crypto market, where it has authorized and banned Bitcoin use on numerous occasions in the past. Le Minh Khai, the deputy prime minister of Vietnam has issued a notification to the finance ministry, asking them to explore and amend laws to build a legal framework for the digital asset market.In a notice dated March 23, the Deputy PM has instructed the Ministry of Finance to assume the prime responsibility for developing the legal framework for the crypto market. The reported list of instructions includes identifying specific legal....