Keynote
- Vietnam plans a pilot project for Cryptocurrency exchange.
- The government is studying legal framework for digital assets.
- Vietnam’s 17 million people own digital assets and the market value exceeds $ 100 billion.
In a press briefing in Hanoi on March 5, Nguyen DUC Chi, vice president of Nguyen Duc Chi, said the Finance (MOF) will propose a resolution to start a pilot project to establish and operate digital assets and cryptocurrency exchange.
The planned exchange serves as a platform for individuals, organizations and investors to trade and manage virtual assets.
Solve the problem of digital assets and cryptocurrency
The Treasury Secretary of State pointed out that handling digital assets and cryptocurrencies as a new and complex problem around the world as well as Vietnam. Nations like the United States hosted their first encryption summit at the White House on March 7, and countries like the United States are taking action for clear regulations.
Vietnam, together with other countries, is in the process of researching how to create legal structures and operating models that will ensure transparency while promoting economic growth.
Earlier this month, the Prime Minister and Standing Committee led the discussion to evaluate the reports of MOFs and other ministries on the development of digital assets, cryptocurrencies and related legal frameworks.
According to Chi, the state will protect the rights and interests of individuals and organizations in the digital asset market.
Increased interest in digital assets in Vietnam
The Prime Minister was responsible for working to establish a legal framework with relevant ministries, institutions and organizations in the Treasury (MOF). Through these frameworks, Vietnamese companies can issue virtual assets to raise capital to support production and business ventures.
This movement is designed to promote economic development and to help Vietnam match the global and regional development of digital asset management.
He pointed out that Vietnam is a key area to avoid progress and fall behind in the digital asset sector.
According to data from CHAINALYSIS, a blockchain research firm headquartered in the United States, Vietnam ranked fifth in the world last year with interest in digital assets. It also ranked 3rd in the use of international trading platforms and sixth in terms of distributed exchange trading volume.
Currently, 17 million Vietnam owns digital assets and the overall market value exceeds $ 100 billion. The increase in informal transactions of digital assets led to a serious economy.
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HAMZA is an experienced encryption editor/artist with a deep understanding of blockchain technology, cryptocurrency market and digital finance. He is enthusiastic to allow readers to use complex topics and to explore the rapidly evolving world of encryption.
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