The Ministry of Justice proposed the Prime Minister to allow a pilot development of cryptocurrency policies




How does Asia affect cryptocurrency?


The Ministry of Justice of Vietnam has proposed to the Government to prioritize the development of pilot policies and laws to handle current "hot" issues on domestic cryptocurrencies.


On April 1, the Ministry of Justice announced that there was a Report No. 70 / BC-BTP submitted to the Prime Minister on reviewing the legal framework related to the application and development of products and services developed on the basis of blockchain technology platform. Including virtual assets, there are often names such as "virtual currencies", "digital currencies", "cryptocurrencies" or "cryptocurrencies".


This report gave the overview of technology and governance on blockchain technology platform; practical application and development of products and services based on blockchain technology and management experience of a number of countries around the world and practices in Vietnam.


Based on the analysis of technological problems and experiences of other countries in the world as well as the reality in Vietnam, the report of the Ministry of Justice said that the problems and inadequacies in the application and development of products and services based on blockchain technology in Vietnam mainly focus on two groups of issues: legal ambiguity, no legal framework related to raising capital through the issuance of crypto assets , cryptocurrencies (like ICO, IEO or STO); There is no legal framework for trading crypto-currencies and cryptocurrencies, which is mainly related to the operation of the crypto and crypto asset trading floors.


Secondly, in Vietnam, there is no ecosystem to encourage the application and development of blockchain technology, in which the state agencies are not really pioneering in the application of blockchain technology in state management.


In this report, the Ministry of Justice proposed the Government a number of orientations to develop and finalize policies and legal frameworks for products and services developed on blockchain technology.


Accordingly, creating the optimal environment for innovation but need to ensure technology neutrality in the direction that the market chooses its own technology; take advantage of the current legal framework to manage and handle relevant issues but allow exceptions or issue corrective documents (possibly pilot) in case of necessity.


At the same time, priority should be given to developing pilot policies and laws, in particular pilot decrees to handle the "hot" issues of the current virtual currency market and the applicable practices. In particular, it is necessary to accelerate the promulgation of pilot legal documents on the issuance and trading of cryptographic assets formed on the basis of blockchain technology as well as the mechanism of management and handling of the use of digital assets. use, exchange and invest these assets.


In this report, the Ministry of Justice also proposed that state agencies should be a pioneer in applying scientific and technological achievements, including blockchain technology, to improve operational efficiency and renovate governance. , operating as well as providing public services.


At the same time, maintain exchange and coordination mechanism between state management agencies and business community, technology development community at national as well as international level in order to promptly detect and handle problems. It is difficult to develop products and services based on blockchain technology.


Previously, in 2017, the Prime Minister approved the project of Improving the legal framework to manage and handle virtual assets, cryptocurrencies and virtual currencies. In particular, the Prime Minister assigned the Ministry of Justice to develop a project and advise the Government in completing the legal framework on virtual assets and virtual currencies. At the same time, the Prime Minister also assigned the Ministry of Finance and the State Bank to continue researching to soon have an official legal framework for the operation of virtual and cryptocurrency exchanges.


According to Thanh Nien's research, although it has not been recognized by law, the total volume of transactions of virtual currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) ... on virtual currency exchanges in Vietnam It is now very large, reaching hundreds of billions of dong every day.


Data from coin.dance website shows that the weekly trading volume in Vietnam is about VND 1,800 billion / week, while, at periods when the Bitcoin price peaked in 2018, the volume of transactions per week at Vietnam is up to 4,600 billion dong; In 2019, there are many times up to 4,000 billion / week.


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According to Chinhphu.vn/Bao Thanh Nien
Recompiled ToiYeuBitcoin