The Vietnamese authorities plan to legalize the bitcoin in 2018 and include it in the list of the official means of payment. At the moment, the State Bank of Vietnam and the Ministry of Finance are developing the legal framework for the integration of cryptocurrencies into the fiscal system of the country. The government intends to include several state organizations in development of laws on the use of cryptocurrencies.
The assessment process must be completed by August 2018, but most of the paperwork needed to implement the new regulations should be finished by the end of 2018. In addition, the Vietnamese authorities are developing the new tax system for cryptocurrencies.
Vietnam sees the main problem in the likelihood of investment frauds. The new law should contain reliable instruments to protect investors from fraud in respect of property rights and transaction safety.
Some countries have already initiated a process of officially recognizing the bitcoin as a payment instrument, acknowledging the role of cryptocurrencies in the global market.
