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Following the footsteps of El Salvador, Vietnam aspires to enter the crypto market as well. Reportedly, the Vietnamese government with the help of the Central Bank is creating a legal framework for cryptocurrency. https://twitter.com/WatcherGuru/status/1508623107149471746
Here's What The Vietnamese Government Did
The Deputy Prime Minister of Vietnam Le Minh Khai directed three ministries to work with the Central Bank, State Bank, and other bodies to build a legalized framework. The three ministries are Finance, Justice, and Information & Communications. The Ministry of Finance is tasked with the prime duty to reach an agreement with other regulatory bodies and the Central Bank. Alongside the amendment, the Ministry of Finance is also required to supplement and promote cryptocurrency.
Vietnam Has Always Been Pro Crypto
The Vietnamese government has has its interest in crypto piqued since 2017. In 2017, the Prime Minister approved o a strategy to create a legal framework for digital assets and currencies. The ideas generated for cryptocurrency were from all over Vietnam. However, it did not reach any conclusion due to differences in opinion. However, a survey states that over 5.9 million citizens or 6.1 percent of the population of Vietnam currently own cryptocurrency. Besides that, it is also quite known that Vietnamese respondents had the highest number of crypto ownership.