Ministry of Finance proposes "very important viewpoint" on cryptocurrencies, digital assets

The Ministry of Finance also recommended that the Government acknowledge the existence and potential of digital assets and digital currencies. This was the information given by the Deputy Minister of Finance at the regular Government press conference, which took place on the afternoon of April 6. "This is a very important viewpoint," Mr. Do Thanh Trung emphasized.

Deputy Minister of Finance Do Thanh Trung. Photo: Nhat Bac

According to Mr. Trung, the Ministry of Finance was assigned the responsibility of completing the legal framework for digital assets and digital currencies. Immediately after that, this agency coordinated with relevant ministries to study the current situation and international experience in management.

Based on the Government 's direction, in March, the Ministry of Finance coordinated with ministries and branches to implement this work with the viewpoint and principle of being cautious, having a roadmap, suitable to reality, ensuring safety, transparency and efficiency.

At the same time, the development of a legal framework must ensure the protection of the legitimate rights and interests of individuals and organizations participating in the digital asset and cryptocurrency market. Accordingly, a pilot market for digital asset and cryptocurrency trading will be implemented, thereby opening up a new capital mobilization channel for businesses in addition to traditional financial assets.

According to the Deputy Minister of Finance, the pilot implementation of the market must comply with the provisions of Vietnamese law. The Ministry of Finance has issued a document such as a draft resolution of the Government to send to ministries and branches for comments. "Currently, we are synthesizing, receiving and explaining the comments to complete the resolution before reporting to the Government," said Mr. Trung.

The development of a legal framework to manage digital assets and digital currencies was emphasized by General Secretary To Lam at a meeting with the Central Policy and Strategy Committee on February 24. Immediately afterwards, the Central Party Office announced the General Secretary's conclusions at this meeting.

In conclusion, General Secretary To Lam agreed with the proposal of the Central Policy and Strategy Committee on the need to soon manage this currency as a virtual asset to avoid negative impacts on the economy and social issues, while helping to contribute value to the country's economy.

The General Secretary requested the National Assembly and Government agencies to soon institutionalize and specify the management of this field. Research on applying a controlled pilot mechanism (sandbox) to establish a "trading floor" for this activity.

Although there is no legal framework to regulate and manage, the market for trading digital assets and digital currencies (also known as virtual assets, virtual currencies - PV), especially popular cryptocurrencies such as Bitcoin (BTC), Ethereum... is still bustling. Cryptocurrencies have been bought, sold, and invested heavily in recent years, especially when the price of Bitcoin has fluctuated strongly.

In Vietnam, individuals can buy, sell, and invest in digital currencies such as Bitcoin quite simply through popular exchanges such as Binance, Remitano, etc. with many different methods. Or recently, after more than 6 years of existence, the Pi virtual currency project has officially switched to Open Network so that players can trade outside the platform.

Currently, major cryptocurrency exchanges in the world such as Binance, Bybit, OKX, Kucoin... all support Vietnamese interface. These exchanges have a trading volume of billions of USD per day. Binance alone peaked at over 100 billion USD (equivalent to over 2.5 million billion VND).

The current reality requires the management and supervision of digital assets and digital currencies. Early management of this type of asset will bring great benefits to the economy, help control monetary sovereignty, reduce the risk of tax loss as well as prevent money laundering, fraud, terrorist financing, etc.

Source: https://nld.com.vn/bo-tai-chinh-de-xuat-quan-diem-rat-quan-trong-ve-tien-so-tai-san-so-196250406175612845.htm