The government of Vietnam hopes the research to help streamline crypto policies.
In a public announcement, the Vietnamese Ministry of Finance approved the creation of a research group that will be in charge of evaluating cryptocurrencies and other digital currencies. The goal is to help the country develop adequate policies for this type of financial technology.
According to the announcement, nine experts in economic and technological affairs are part of the group. The Vice-Chairman of the State Securities Commission, Phan Hong Son, will be in charge of the group and guide these experts, according to the needs of the local government.
Other members of the group are officials from different government entities. In this way, there will be a representative of the General Department of Vietnam Customs, the General Department of Taxation, the National Institute for Finance of Vietnam, the Securities Regulator of the country and, finally, representatives of the Department of Banking and Financial Institutions of the State Bank of Vietnam.
The announcement explains that the group will have the main task of keeping abreast of new changes that arise in the technological activity of the blockchain. This will help authorities adapt to changes and modify regulatory policies in the country. They hope that the group will provide quick and efficient solutions to local problems, using blockchain technology.
Vietnam and Its Policy On Cryptocurrencies
Since 2018, Vietnam has considered the use of cryptocurrencies as illegal. In 2017, the Prime Minister of Vietnam prepared some statements related to cryptocurrencies. After these plans, the authority was going to prepare a legal framework that would be ready by the middle of 2018. This legal framework was going to support the use of cryptocurrencies in the country.
However, the opposite happened. In April 2018, the Vietnamese authorities declared the use of bitcoins as illegal for the acquisition of goods and services. Although the authorities considered that the use of cryptocurrencies for payments is something illegal, some companies could make use of this asset to make private investments. The ban only specified the use of bitcoins as a local currency.
Days after the ban, a decree announced that credit institutions will not be able to provide services to any type of virtual currency. In the same vein, government representatives clarified that this decision emerged as a measure that would prevent the use of these institutions for money laundering and other illegal acts.
The government of Vietnam has not modified its regulatory policy on cryptocurrencies. At the moment there are no rules that control or audit exchange companies or that use digital currencies as a source, channel of financing, or commercial movement.
As there are no laws or regulations that guide exchange companies, in recent years, people have established a large number of companies that use these assets frequently or as the main source of commerce.
An example of this is evident in the establishment of the Binance and Paxful trading platform, in the commercial market in Vietnam. Besides, Binance has sought to build an entrance channel for the Vietnam Dong, since last January. The use of cryptocurrencies could continue.
By María Rodríguez