Vietnamese Prime Minister announced he has approved a plan that could lead to the official recognition of digital currencies such as Bitcoin as a way of payment in the country by 2018. Based on the report by the regional news service VNA, the Prime Minister has instructed the central bank, the Ministry of Finance and the Ministry of Public Safety to study and develop a legal framework for regulating virtual currencies.
At the same time, Vietnamese officials have a mandate to work on a tax system for virtual currencies. The system that will determine how users of digital currencies will be taxed in the country will be introduced in June 2019.
Additionally, suggestions on how to prevent violations related to the use of crypto currencies should be submitted in September 2019.
The plan also requires amendment of the property rights provisions of the Civil Code from 2015. To include rules aimed at preserving property in the country. The amendment is expected to improve the protection and interests of both domestic and foreign investors.
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