Another Nation Approves Bitcoin As A Currency
Another Nation Approves Bitcoin As A Currency by Rory – The Daily Coin
Vietnam is the latest nation to change their currency laws and allow currency competition. I will continue asking, why is this being done? Why is currency competition being allowed? My OPINION is this is happening for two reasons – assimilation and entrapment. If people are using cryptocurrencies and moving 100% of their wealth onto the block chain how easy is it to “flip-the-switch”, invoke a firewall and shut out everything that is not issued by a central bank?
According to Coin Desk
Vietnam’s prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by 2018.
According to regional news services VNA, Prime Minister Nguyen Xuan Phuc has tasked Vietnam’s central bank as well as the Ministry of Finance and the Ministry of Public Safety, to draw up a legal framework around cryptocurrencies.
An assessment for how the government should approach this process is due to be completed by August of next year. Once that is concluded, it’s expected that drawing up the legal documents required to recognize cryptocurrencies under a regulatory framework will be completed by the end of 2018.
Some of you are saying, so what it’s Vietnam. Well, their economy is growing and they are a member of the EAEU (EurAsian Economic Union) headed by Russia. This makes Vietnam, by default, a stronger nation and associates Vietnam with the Belt and Road Initiative.
One can not overlook Vietnam’s economy. It would be a great economy to further test and introduce digitization of the economy.
By the numbers – Vietnam’s economy in 2016