BTC in Vietnam: Economic Observers Push for Bitcoin Legalisation Due to Its Attractive Value
2025-01-06
As Bitcoin’s value continues to rise globally, Vietnam finds itself at a crossroads regarding cryptocurrency regulation.
Despite Bitcoin’s growing popularity among Vietnamese investors, the country lacks a legal framework to manage and regulate digital assets.
This has prompted calls from experts and economic observers for the government to prioritise legalisation, citing the benefits of attracting foreign investment, preventing fraud, and boosting the economy.
Bitcoin's Surging Value Captures Attention
Bitcoin has consistently proven its resilience in the global market, with its price exceeding the $100,000 mark in 2024, a historic milestone for the digital asset.
The cryptocurrency reached a peak of $108,000 in December before stabilising near $97,000 at the start of 2025.
This remarkable growth has reinforced Bitcoin’s position as a lucrative investment, not only for individuals but also for institutional players worldwide.
Vietnam has seen a surge in interest in Bitcoin and other digital assets, with local investors increasingly viewing cryptocurrencies as a viable alternative to traditional investment instruments.
According to financial experts, Bitcoin’s limited supply and its growing acceptance as a global asset make it an attractive long-term investment.
Dr. Đinh Trọng Thịnh, an economist, notes that Bitcoin’s rising value is prompting many Vietnamese to invest in cryptocurrencies despite the absence of regulatory clarity. He highlights the need for a robust legal framework to protect investors and prevent misuse.
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The Case for Legislation
Vietnam’s lack of a clear regulatory framework for cryptocurrencies has led to challenges, including fraud and unregulated trading activities.
High-profile scams, such as those involving digital asset trading platforms, have underscored the risks faced by investors in an unregulated environment.
However, the country’s policymakers are beginning to recognise the potential of digital assets. The draft Law on Digital Technology Industry, currently under review, addresses the definitions and management of digital assets.
Furthermore, the approval of plans to establish international financial centres in Ho Chi Minh City and Da Nang could pave the way for piloting regulated digital asset exchanges.
Legalisation would offer multiple benefits, including:
Investor Protection: Establishing clear regulations can safeguard investors from fraud and ensure fair practices in the crypto market.
Attracting Foreign Investment: A regulated crypto market would make Vietnam an appealing destination for international investors and blockchain companies.
Boosting Economic Development: By embracing digital assets, Vietnam can position itself as a regional hub for blockchain innovation and fintech.
Phan Đức Trung, vice chair of the Vietnam Blockchain Association, stresses the importance of creating a conducive environment for digital assets.
He argues that legalising cryptocurrencies would encourage Vietnamese businesses to operate locally rather than registering abroad, fostering economic growth and innovation.
Opportunies and Challenges Ahead
The push for Bitcoin legalisation in Vietnam reflects a broader trend of growing adoption in the region. Younger generations, who are more tech-savvy and open to new financial instruments, are driving this shift.
Strategic experts like Trịnh Hà highlight the long-term potential of Bitcoin as an asset. With a significant portion of Bitcoin holders opting to retain their holdings, there is evidence of a growing community of long-term investors in Vietnam.
This trend suggests that Bitcoin could play a significant role in shaping the future of investment in the country.
However, challenges remain. Regulatory uncertainty and a lack of infrastructure for managing digital assets hinder progress. Policymakers must strike a balance between fostering innovation and ensuring consumer protection.
Furthermore, efforts to regulate cryptocurrencies must address the risks of illicit activities while creating opportunities for legitimate investment.
Conclusion
As Bitcoin’s value continues to soar, Vietnam faces a critical decision on the future of cryptocurrency regulation. Legalising Bitcoin and other digital assets could unlock significant economic benefits, including increased foreign investment, innovation, and investor protection.
While challenges persist, Vietnam has a unique opportunity to establish itself as a leader in blockchain and cryptocurrency adoption in Southeast Asia.
By implementing a robust legal framework, the country can ensure that digital assets contribute positively to its economic development.
Frequently Asked Questions
1. Why is there a push to legalise Bitcoin in Vietnam?
Experts believe legalisation would protect investors, prevent fraud, attract foreign investment, and position Vietnam as a hub for blockchain innovation.
2. What challenges does Vietnam face in regulating cryptocurrencies?
The main challenges include regulatory uncertainty, potential misuse of digital assets, and the need for infrastructure to manage cryptocurrencies effectively.
3. How would Bitcoin legalisation benefit Vietnam’s economy?
Legalisation could boost economic growth by attracting foreign investment, fostering innovation, and encouraging local businesses to operate domestically in the blockchain sector.
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