Vietnam proposes new crypto research group for digital currency management

Authorities in Vietnam are looking to establish a crypto research group to better govern developments on digital currencies and related assets in the country. An English language local news outlet, Vietnam Plus, reported on Monday. 

Top agencies collab to form the crypto research group 

The Vietnam crypto research group will be led by Pham Hong Son, the Vice Chairman of the State Securities Commission in Vietnam. Other members were selected from different departments in the country, including the General Department of Taxation, and others.

As an initiative of the country’s Ministry of Finance, the crypto research group is reportedly under the Ministry. Their main objective is to propose policies that will facilitate better management of cryptocurrency and digital assets, while still studying the rapidly growing Industry. 

The Ministry noted in the report that policies to effectively regulate and manage digital currency and assets are very important. This is due to the fact that the cryptos has been rapidly growing and assumed to be posing more risks and could have a negative effect on the market.

Gov’t effort to curb crypto risks

Although Vietnamese were more open to using cryptocurrencies, the government appears to be more concerned about the possible risks with cryptos and made several efforts to better protect users in the country. As of August 2017, the Prime Minister of Vietnam approved a project on the completion of a legal framework to regulate cryptocurrency and digital assets. 

Later in April 2018, the Directive No 10/CT-TT was proposed for the effective management of transactions involving Bitcoin (BTC) and other cryptos. Also, it was aimed at putting such transactions under control, in order to minimize the risks associated with them.

The crypto research group will hopefully lead to a fairly lenient regulatory approach to cryptocurrencies in the country. Already, the residents are showing huge Interest in cryptos, as to have been listed among the countries that processed 80 percent of transactions involving Bitcoin in 2017.