Bitcoin price is skyrocketing, why don't we regulate it?

Raising the issue of Bitcoin's skyrocketing price and high value in the world, Prime Minister Pham Minh Chinh asked why our country does not put Bitcoin under management while in reality there are still Bitcoin transactions?

Digital technology is a strategic choice, a top priority

On the morning of November 23, the National Assembly discussed in groups the draft Law on Digital Technology Industry.

Speaking at the meeting, Prime Minister Pham Minh Chinh emphasized that when the situation changes and tasks change, management and organization methods must also change.

The Prime Minister cited the example of the previous Information Technology Law, which did not have digital transformation and AI intelligence like today. Later, there was cloud computing, the Internet of Things... and changes were very rapid. The recent international conference raised many issues that must focus on managing and promoting artificial intelligence. In which, we must continue to let artificial intelligence develop but it must be managed.

Prime Minister Pham Minh Chinh speaks at the meeting.

According to the Prime Minister, the promulgation of the Law on Digital Technology Industry is necessary because digital transformation is an objective requirement, a strategic choice, a top priority in the development of the new period and there must be laws to manage it.

The head of the Government clearly stated that we must get rid of the hesitation of having to amend the law right after it is made.

"Because at that time I thought that was it, I had to accept it. Yesterday I thought that way, but now I see it differently, so I boldly change it, it's that simple," said the Prime Minister.

Pointing out that artificial intelligence is very different, the Prime Minister said that virtual life is like real life now. The Prime Minister raised the issue that Bitcoin is worth nearly 3,000 billion USD in the world and in fact our country still has Bitcoin transactions, but why is it not put under management?

Talking about virtual assistants, the Prime Minister said: "Virtual assistants can sometimes be smarter than your real assistants."

"Give up the iron fish to catch the perch"

To develop digital technology, the Government leader believes that incentives are needed, especially for the semiconductor chip sector. Because if you want to run fast, run far, and be ahead of the curve, you have to use new technology and renew traditional growth drivers.

Listing some incentives, the Prime Minister pointed out that priority should be given to land, fees, clean water, electricity, construction and especially cash... Semiconductor chip production cannot lack electricity, otherwise the product being made will be broken and ruined.

Overview of the team meeting.

Citing the need for monetary incentives, the Prime Minister said that without cash, large corporations and businesses will leave, just like Intel canceled its plan to expand chip production in Vietnam.

"If we give up the iron fish and catch the perch, they will bring in technology. If we spend 20% of the money, they will spend 80%. Meanwhile, they will build factories and construction sites here, and they cannot take it anywhere. If we regret 20%, we will lose 80%," the Prime Minister said and suggested that incentive policies must be appropriate.

According to the head of the Government, if they have money but we do not have incentives, they will go elsewhere. Meanwhile, our country has a geographical advantage, so we need incentives that are convincing enough.

The Prime Minister also emphasized the need to calculate to harmonize benefits and share risks with partners; put overall benefits, national and ethnic interests above all, not calculating specific benefits.

Regarding controlled testing, the Prime Minister said that it sounds very right and very good, but if we keep our safe zone, the space for creativity will be limited.

According to the Prime Minister, time control is more important and effective than scope and object control.

According to him, we should test for one year and if it is good, we can expand it. On the contrary, if the test is not good, we should narrow it down and stop.

Once the pilot expansion of creative space is carried out, the scope and subjects of the digital technology industry must be expanded. If it is not expanded, there will still be a golden hoop, limiting creative space.

The Prime Minister proposed that the law only stipulates the framework and principles, and the rest is left to the Government, ministries, and localities to regulate in order to expand creative space and manage well.

Source: https://www.baogiaothong.vn/thu-tuong-gia-tien-bitcoin-tang-phi-ma-tai-sao-ta-khong-dua-vao-quan-ly-19224112314090506.htm