What is Bitcoin?
Bitcoin is a digital currency that uses cryptography to secure its transactions and to control the creation of new units. Bitcoin was created in 2008 by Satoshi Nakamoto.
Methods to acquire Bitcoin
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoin was created as an electronic payment system, rather than as a physical currency. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin Users in Vietnam
Bitcoin is a digital asset and a payment system invented by an unknown person or group of people under the name Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoin miners are people who use their computer power to solve complex mathematical problems to secure the network against unauthorized access and to produce new bitcoin. Bitcoin miners are rewarded with new bitcoin for their efforts.
Acceptance of Bitcoin
Bitcoin became the first country to accept Bitcoin as a payment method by passing a law accepting the virtual currency. Globally, most developed nations fall into this category. Several countries have prohibited trading, buying, and selling through virtual money usage or Bitcoin. This country includes Bolivia, Kyrgyzstan, Vietnam, Iceland, Ecuador, Bangladesh, etc. As far as crypto regulation is concerned, China and Indonesia pose the biggest challenge. Bitcoin has been regulated in some countries & there are plans for increased regulation in the future.
Bitcoin Regulation In Vietnam
The Vietnamese government views bitcoin as an illegal form of payment and prohibits its conversion to fiat currency. Despite this, the Vietnam government intends to control Bitcoin by the end of the year.
Legal Framework
Article 6 of Decree No 101/2012 / ND-CP amended and augmented by Decree No 80/2016 / ND-CP prohibits the use of Bitcoin virtual currency. ..
- Bitcoin is not a legal currency in Vietnam
- Bitcoin is not accepted by the Vietnamese government because it is not a legal currency
- Bitcoin is a digital asset and does not have any physical value
Bitcoin is not a legal tender, and there is no legal recognition of it. Despite this fact, it is still used as an asset, used for selling and buying.
Vietnam’s current situation with Bitcoin
There are some reasons why Bitcoin has yet to become a real currency, but some stores in Vietnam are starting to accept it as payment (T Xuan, 2018). Similar to some countries in the world, there is still no formal legal framework for virtual currencies in Vietnam, but investments, transactions, and fundraising capital in virtual currencies, and Bitcoin especially, have been accelerating in recent years. ..
Recommendations
- Proactively integrate and restrict virtual currencies in order to eliminate fraudulent acts, theft of assets, appropriation of cyber assets of associations and individuals related to virtual money and Bitcoin.
- The government should provide clear regulations on the use of virtual currencies, as well as taxation policies for them.
- The government should work with the private sector to develop innovative ways to use virtual currencies that are safe and secure for users. ..
Bitcoin and other virtual currencies should be treated with the same severity as traditional currency violations. We need to improve our legal frameworks to ensure that virtual currencies are treated just as seriously as other forms of money. We should also promote awareness of Bitcoin and other virtual currencies through propaganda. All violations relating to virtual money must be handled thoroughly and seriously.
Conclusion
The study found that virtual currency was not accepted in Vietnam as a means of payment yet, while it is widely accepted in other countries. Bitcoin in particular, and virtual currencies in general, need a comprehensive legal framework. There should be policies to enhance information technology infrastructure, increase the number and capacity of financial experts, encryption, and security experts, and warn the public about risks associated with the use of virtual currencies.