For some time now, Vietnam has had a decisive conflict to allow the use of Bitcoin in its territory, authorizing and disavowing it; however, the possibility that the latter is definitively legalized throughout the country has not yet been ruled out, which is why the Deputy Prime Minister, Le Minh Khai, asked the Ministry of Finance to consider re-examining how profitable the incorporation of this digital asset and proposed to build a legal framework for the crypto market; According to Vietnam Net, "the Ministry of Finance would work together with the Ministry of Justice, Information and Communications and the State Bank of Vietnam to develop a regulatory framework for the digital asset market", together they would analyze the pros and cons, addition of its effect in the economy, to provide greater stability.
What are the chances that the Vietnamese authorities, by making this decision, will not change
opinion again?
It's strange that these countries banned it in the first place, but I guess authoritarian governments like to aim for complete control - or at least the illusion of it. The countries that do best economically tend to be at the cutting edge of technology and who have politicians that are able to comprehend a sensible light touch regulation environment. Countries like Vietnam potentially missed out on being a base for new cryptocurrency related countries by outright banning it early on, at least now they're seeing it was a foolish idea. There's a lot more potential for them to make money this way, even if it's just lazily collecting taxes from transaction fees from local companies and users.
Problem lies with most politicians not recognizing the usage of crypto currency within their economies. They don't like the idea of having a competitor to their own currency, and so of course the central banks reject these sort of proposals. Central banks and government work in tandem with one another and wouldn't allow it.
It's also probably true most politicians don't understand crypto currency, and the knee-jerk repulsion is done out of pure ignorance.
