Prime Minister has stated that Vietnam is looking into legalizing bitcoin as a legal form of payment!
Anyone who has read Satoshi's white paper knows about his vision towards global decentralized payments network that processes hundreds of millions of transactions on the daily basis and does not require any third party governance over it and how this vision fueled the creation of the blockchain technology that now powers over hundreds of digital currencies with their overall market capitalization approaching $200 million U.S. dollars! Governments around the world have started positively regulating bitcoin and Vietnam is one of the latest countries to give a public statement towards a plan of legalizing the forefather of blockchain currencies, bitcoin, as a legal form of payment in the country!
Plan Approved For Legalizing Bitcoin In Vietnam By 2018
In the developing regions, digital currencies have been seen as a secure alternative to depreciating national currencies, take Venezuela for an example, without bitcoin and BTC mining, a good additional margin of the country would be starving but that is not the case even despite the massive inflation taking place in the region and the blockchain technology is the one to thank for that.
Officials in Vietnam have asked central bank to prepare a secure and feasible legal framework for legalizing bitcoin in the country and the deadline is set to 18 months from now after which, assuming that all of the documents are set, next step will be working out the taxation questions and they should be applied in order so the country would benefit from the blockchain start up businesses while not blocking any of their development plans but rather streamlining new companies. This type of action could be seen as a positive factor for the new investors to consider Vietnam as their base region.
The road ahead seems rather smooth for the father of digital currencies and this type of legalization talk should end up driving even more speculative money to the bitcoin ecology. As long as bitcoin keeps appreciating then there is a good chance that the speculative market will upgrade themselves into believers instead which in result will secure the value of BTC even further.
Bitcoin Securing Digital Future For Vietnam
While the history of Vietnam is rather grim with these Asian folk having to do their fair share of fighting in order to secure their independence and keeping out the invaders then we are happy to say that the hardest part seems to be behind them and instead of focusing on the negative past, government is focused on building a positive future instead! The fact, how Vietnam is exploring the full potential of the blockchain technology and how the bitcoin could boost the national economy in a positive direction is more than great and should lay an even stronger foundation for the digital currencies worldwide.
While the first step is setting proper regulation in place then this has not held Vietnam back from starting their personal exploration of how the blockchain technology could help them reduce operational costs and advance these funds towards faster development of their country.Filed under: Vietnam, Bitcoin, BTC, Blockchain, Legal, Future, Currency, Asia