There are different definitions and interpretations of bitcoin and cryptocurrencies in Vietnam, even among experts and policymakers.
Many Asian countries have researched, piloted and even deployed digital currencies using Blockchain technology. In Vietnam, there are only plans on paper.
The Covid-19 pandemic has attracted capital from Vietnamese investors in cryptocurrencies. About 6 million Vietnamese own digital assets.
With total market capitalization value of $1.45 trillion as of June 21, the cryptocurrency ecosystem has attracted investors but has also been an ideal hiding place for illegal activities.
Vietnam ranks 4th for profit earned from cryptocurrencies among Asian economies in 2020, only after China, Japan and South Korea.
The price for Bitcoin dropped by $11,600 during the past weekend, and many people began to worry about the end of the "uptrend" of Bitcoin. What are Vietnamese investors thinking?
The Government is working on a policy to tighten the management of virtual currency and assets, heard a workshop in Hanoi on August 16.