Vietnam's Prime Minister Reckons Cryptocurrency Regulation is Imperative for Their Country

In a discussion group on Monday, Pham Minh Chinh, the prime minister of Vietnam, urged for new laws for the cryptocurrency industry. According to the local publication VnExpress, changes to the nation's anti-money laundering statute were under consideration. The governor of the State Bank of Vietnam, the nation's central bank, as well as the minister of justice are under pressure from lawmakers to clarify their positions on virtual currency and blockchain technology.

Duong Van Phuoc, a representative in the nation's National Assembly, argued in favor of include virtual assets in the bill last month by citing the fact that big gambling and money laundering networks employ them. According to Huy Nguyen, deputy chairman of the Vietnam Blockchain Association, virtual assets now function in a legal gray area in Vietnam, and numerous regulation ideas are in the works (VBA). As a first step toward officially recognizing virtual assets as property, VBA is collaborating with the National Assembly to levy a tax on them, according to Nguyen.

The State Bank of Vietnam was given a contract by the Vietnamese government to start a cryptocurrency pilot program last year. For its fourth national industrial revolution strategy, it also listed blockchain as one of the R&D priorities. According to the Chainalysis Global Cryptocurrency Usage Index 2022, the nation is leading the world in the widespread adoption of cryptocurrencies. In Vietnam, 73.5% of individuals use cellphones, and 69% of people lack bank accounts.