But Now It's Legal!
Vietnam is preparing legislation to legalize Bitcoin as a form of payment by 2018.
Just recently Vietnam's prime minister (Nguyen Xuan Phuc) has approved a plan that could see the country formally recognize Bitcoin as a form of payment by 2018.
Just don't say that last name out loud around the children. ;)
Some details...
Specifically the Prime Minister is having their Central Bank, the Ministry of Finance, and the Ministry of Public Safety get together and come up with the legal framework of how they are going to make this all work.
Reading this, it sounds like more than just Bitcoin is being discussed. It sounds like they are drawing up framework for all cryptocurrencies, but perhaps it is only Bitcoin that gets legal tender status, at least at first.
When is this expected to be done?
An assessment for the how the government should go about regulating and adopting these currencies is due one year from now, August of 2018.
Then after that it is expected that the legal documents will be drawn up and finalized by the end of 2018.
During this time tax officials will also be coming up with a plan on how to best tax cryptocurrencies which will likely go into effect middle of 2019.
Talk about a stance reversal!
This is all very exciting for Bitcoin and cryptocurrency in general, especially considering Vietnam's earlier stance on Bitcoin and the cryptocurrency space back in 2014. At that time they warned consumers about the risks of cryptocurrencies.
They have gone from urging their people to stay away from them to potentially adopting them as a legal method of payment, talk about a 180 degree turn.
Looking forward to more countries doing the same.
With this move, Vietnam says to Bitcoin:
"I'm your huckleberry."
Stay informed my friends.
Sources:
https://www.coindesk.com/vietnam-preparing-legally-recognize-bitcoin-2018/
Image Sources:
http://www.altcointoday.com/bitcoins-legal-standing-across-countries/
https://makeagif.com/gif/im-your-huckleberry-tombstone-S8TrqZ
Follow me: @jrcornel
@jrcornel - Nice to see one more country join in for legalizing bitcoin. I think the recent rally in bitcoin is turning a lot of heads. With facilities like Bitcoin ATM cards coming up rapidly, the global commercial establishments will soon start moving towards bitcoin and governments will have a lot on their plate if they do not prepare well in advance. A crypto policy seems to be the logical way to go
I am hearing that India government has already set up a committee to study the crypto currency scene and provide recommendations. There are no discussions in Africa yet.
Thanks for this information. Upvoted.
Regards,
You got it. I think as more and more start doing things like this, it will put pressure on others to follow suit.
That's exciting in deed. So this is a whole new level of spending Bitcoin? I know there are already Visa cards that can be used around the world making it possible to spend your Bitcoin anywhere.
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Vietnam legalizing it, Russia embracing it, Japan loving it, Korea dancing K-Pop to it! It's good news everywhere!
Segwit + Lightning + ETF approval in the US could bring prices to the stratosphere in the coming months! Take a look at this video by Bloomberg business, I think it will happen this time: https://steemit.com/bitcoin/@cryptoeagle/why-a-bitcoin-etf-may-soon-become-a-reality-video-by-bloomberg-business-it-s-happening-folks
Regards
Such good news, even if it is going to take forever!
The more mainstream it becomes, the better for all of us. The rising tide will eventually lift up all the good cryptos, including steem!
That is the the hope!
Really big news especially in regards to global adoption. The more something like this happens, the more Bitcoin spreads across the world and ultimately the more valuable it becomes.
This really speaks to Satoshi's original vision. Now the tech just needs to catch up RE fees, transaction wait times, etc.
Thanks for sharing ! Great post! Bitcoin is gone be in mainstream!
It'll be globally accepted shortly
ihope my country join in for legalizing bitcoin to...
Quite ironic after all the bombs we dropped in the 60s they are now gonna bomb our federal reserve!!
Sounds like the US is gonna have anything reason to invade the country. The FED can't have a central bank out there competing.
Great news. Japan already legalized it other countries will follow suit.I hope it wouldn't be bitcoin alone. I wish all countries will adopt all the Cryptocurrencies. We need this financial revolution.