Share this article
Vietnam Is Preparing to Legally Recognize Bitcoin
Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment, reports say.
By Stan Higgins
Updated Sep 13, 2021, 6:51 a.m. Published Aug 25, 2017, 1:00 p.m.
Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam's central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it's expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019.
If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.
Ho Chi Minh City, Vietnam image via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin slips below $88,000 as traders brace for $28.5 billion Deribit options expiry
Crypto continues to lose ground ahead of this week's record options expiration, while defensive positioning and thinning liquidity suggest caution into 2026.
What to know:
- Bitcoin and crypto prices moved steadily lower in U.S. Monday afternoon trading.
- Over $28.5 billion in bitcoin and ether options are set to expire Friday on derivatives exchange Deribit, the largest expiry in its history.
Top Stories
