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Regulations on cryptocurrency needed

by P.V07 September 2017 Last updated at 09:59 AM

VTV.vn - Cryptocurrency such as bitcoin are digital assets / that are encrypted online.

Currently, virtual currency is not guaranteed by cash, gold, or valuable assets. The issuers of this kind of money are non-governmental and are not regulated by banks. Virtual money is gaining popularity in Vietnam. One business has asked for permission to import a bitcoin digging machine. This is a machine that can process data that will increase the number of virtual money. Although virtual money has not been banned, Vietnam's customs authorities are still facing difficulties in dealing with it.

The recognition of virtual currency is a big risk for the economy. The two solutions being proposed by experts is to recognise electronic money as an asset and commodity that allows people to trade through trading platforms with sanctions. Another is to consider them an asset that can be converted into cash.

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