Vietnamese official: Vietnam has not banned cryptocurrencies, but it is necessary to develop a legal framework

Odaily According to Vietnam News Agency, a representative of Vietnam’s Ministry of Justice said that cryptocurrencies are not banned in Vietnam, but it is necessary to develop a legal framework to ensure its normal development and prevent risks. Cao Dang Vinh, Deputy Minister of Economy and Civil Legislation of Vietnam, said that Vietnam has no regulations governing the development of cryptocurrency and cryptocurrency is not considered a legal asset. He emphasized the need for Vietnam to develop a legal framework for cryptocurrencies to prevent risks and illegal misappropriation. Statistics from the Vietnam Blockchain Association show that as of September 2023, Vietnam’s cryptocurrency value totaled nearly US$91 billion, of which illegal transactions were worth approximately US$956 million. (Golden Ten)