Hanoi (VNA) - PrimeMinister Nguyen Xuan Phuc this week approved a plan to scrutinise andstreamline the legal framework for the management of cryptocurrencies such asbitcoin in Vietnam.

With this go-ahead, it isexpected that such currencies will be recognised legally in the country soon.

The PM has asked the Ministry ofJustice to preside and co-ordinate with other relevant ministries andinstitutions, including the State Bank of Vietnam, Ministry of Information andCommunications, Ministry of Public Security, Ministry of Industry and Trade andMinistry of Finance, to scrutinise the current legal framework, provide a comprehensiveassessment and propose suitable solutions and revisions in the framework to theGovernment.

The assessment must be completedbefore August 2018, and all legal normative documents on the currencies must beready by the end of next year, the PM’s decision stated.

The ministries will also have tofinalise an application asking for the compilation of a legal framework ontaxes for cryptocurrencies by June 2019. By September of the same year,proposals for prevention and handling of violations related to these currenciesmust be in place.

The plan also touches upon theneed for institutional construction to protect Vietnam’s property rights, whichwill contribute towards protecting the rights and interests of domestic andforeign investors, concretising the property rights provisions of the 2015Civil Code.

It is expected that once thelegal framework for the currencies is finalised, bitcoin and several othercryptocurrencies will be officially recognised in Vietnam, opening uppossibilities in financial technology and online payments.-VNA