Cryptocurrency is not a new currency but only an expression of legal currency in the form of a tool or means of payment, which is used to make payment transactions. (Illustrative image. Source: internet) Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) is working on anew decree to regulate cryptocurrency.
According to the drafting agency, cryptocurrency is not a new currency but onlyan expression of legal currency in the form of a tool or means of payment, whichis used to make payment transactions.
Many countries around the world have issued regulations on the management ofcryptocurrency, in which cryptocurrency is considered a means of payment.
In Vietnam, in current legal documents, the term "cryptocurrency" ismentioned in the Law on Anti-Money Laundering, but this term has not beenexplained in sub-law documents.
To keep up with the development of payment products, the drafting agency saidit is necessary to clarify cryptocurrency, synchronise legal regulations todevelop payment products provided in the form of cryptocurrency and facilitatethe development of e-commerce.
The drafting agency said that, in essence, cryptocurrency is considered a meansof payment containing monetary value stored on electronic devices, with theforms of prepaid cards, e-wallets and mobile money.
Prepaid cards and e-wallets have become quite popular recently. Meanwhile,mobile money is still a new content being deployed by the Ministry ofInformation and Communications and the SBV.
Regarding mobile money, the SBV is asking for clarification on mobile moneyprovision, mobile money security mechanisms and identification of mobile moneyservice users.
Dau thau (Bidding) newspaper quoted lawyer Truong Thanh Duc, chairman of theboard of members of Basico Law Firm, as saying that regulations oncryptocurrecncy are available but lacking.
He said it is necessary to add more regulations to ensure proper understanding,and to give a clear distinction between legal cryptocurrency and virtualcurrencies, which are not recognised legally yet.
“It is necessary to clarify mobile money and its scope of activities beforepopularising this form of payment,” he said.
In addition to explaining the concept in the decree, the lawyer said the needto enhance the security and safety for cryptocurrency users is important asthere have been a lot of cases of losing money via cryptocurrency transactionsin recent times./.
VNA
