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Vietnam is building a legal framework for virtual assets and virtual currency

Deputy Prime Minister Le Minh Khai has just directed the Ministries of Finance, Justice, Information & Communications and the State Bank of Vietnam to build a legal framework on virtual assets and virtual currency.

The direction of Deputy Prime Minister Le Minh Khai for the development of a legal framework for virtual assets and virtual currency was given on the basis of reviewing the report dated February 28 of the Ministry of Finance.

Specifically, in a notice sent to the 3 ministries of Finance, Justice, Information & Communications and the State Bank of Vietnam on March 23, the Government Office said that Deputy Prime Minister Le Minh Khai assigned the Ministry of Finance to assume the prime responsibility for working. discussed and agreed with the Ministry of Justice, the State Bank of Vietnam and relevant agencies.

This is to identify specific legal documents that need to be amended, supplemented and promulgated together with the lead agency and specific implementation time in order to perfect the legal framework for management and handling. regulations for virtual assets, virtual currencies, digital assets, and cryptocurrencies in accordance with the tasks set forth in Decision 1255 dated August 21, 2017 of the Prime Minister, the instructions of the Government Leaders and the relevant text.

Deputy Prime Minister Le Minh Khai also requested the ministries and agencies: Finance, Justice, Information & Communications, the State Bank of Vietnam and relevant agencies to actively research and strengthen coordination, exchange and unification. opinions in the process of performing assigned tasks on perfecting the legal framework for the management and handling of virtual assets, virtual currencies, cryptographic assets, and cryptocurrencies.

Previously, on August 21, 2017, the Prime Minister issued Decision 1255 approving the project to complete the legal framework for the management and handling of virtual assets, cryptocurrencies, and virtual currencies. The project aims to research, fully and accurately identify the nature of virtual assets, electronic money, virtual money according to foreign experience and Vietnamese practice; relationship with real assets, real money; the role of virtual assets, electronic money, virtual money and the impact of virtual assets, electronic money, virtual money on the law.

In addition, regarding the issue of virtual currency, in the Strategy for Development of E-Government towards Digital Government in the period of 2021 – 2025, with a vision to 2030, approved on June 15, 2021, the Prime Minister assigned the State Bank to lead the research, construction and pilot use of virtual money based on blockchain technology (blockchain), with the implementation time being 2021 – 2023.

@Vietnamnet