Another Asian Country To Legalize Bitcoin

In News

Is Bitcoin better when legalized?

Do you want Bitcoin to be legalized in your country? Do you think it’s more beneficial for the users to have Bitcoin legalized? Once Bitcoin is legalized, that means the government will have some parial authority over it depends on the government’s terms.

Vietnam’s prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.

According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam’s central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.

An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it’s expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.

In tandem, officials will also begin work on a tax treatment for cryptocurrencies. According to VNA, a system governing how cryptocurrency users will be taxed in Vietnam is slated to be in place by June 2019.

If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.

via Coindesk


You may also read!

wireless carriers

US Senators Probe Wireless Carriers Over Throttling Of Video Streaming Services

Major wireless carriers are on a throttling spree and why not if they were authorized by the current Federal

Read More...
volatility

Volatility Must Not Hinder Stakeholders From Gaining Cryptocurrency As Asset Class

Investors are skeptical to have cryptocurrencies as a class asset because of volatility but they do not know what’s

Read More...
net neutrality

ISP CEO Calls for Net Neutrality, Privacy Legislation Law

AT&T CEO Randall Stephenson is reaching out to Congress for clarification regarding the situation of broadband access. The ISP executive

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu