The authorities in Vietnam are preparing to legalize cryptocurrencies in the country in order to boost the development of the digital asset market, Vietnamnet has reported.
The country's Deputy Prime Minister Le Minh Khai has ordered three departments - the Ministry of Finance, the Ministry of Justice and the Ministry of Information and Communications - to develop a regulatory framework on the legalization of virtual currencies.
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The Central Bank, for its part, will oversee work on the draft policy reform regarding digital assets.
Even though the information on measures to control the sale of cryptocurrencies and the timeframe for the adoption of amendments to the current legislation has not yet transpired, the authorities' desire to legalize cryptos makes it clear that officials highly appreciate the potential of tokens and cryptocurrencies and wish to integrate them into the economy.
It is worth noting the first time the Vietnamese authorities talked about legalizing cryptocurrencies was back in 2017, when the Prime Minister Nguyễn Tấn Dũng approved a plan to legalize digital assets. However, politicians were unable to reach a consensus on regulating the circulation of coins and the reform ultimately failed.
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