Vietnam has had a particularly rocky relationship with bitcoin.
Just a few months ago, the country was shattered by an alleged Ponzi scheme surrounding bitcoin activity. Promises were made that ultimately weren’t kept, and several people lost money that could have otherwise gone to much smarter and loftier purposes.
There have been several warnings about bitcoin in Vietnam since it first arrived on the scene. Like Russia, the nation has sought to keep a safe distance, believing it likely stirs up trouble and related criminal activity, though remittance systems via bitcoin are present all over South Asia.
So why the sudden change in attitude? Reports explain that Vietnam is now on the verge of legalizing bitcoin and cryptocurrency usage, and legislators are looking for ways to regulate bitcoin activity and instill new rules that will allow it to be used in the form of non-cash payments. If and when this occurs, Vietnam will stand alongside nations like the United States, France, Germany, Canada and Japan, all of which have carved out regulatory practices that can be applied to bitcoin and related cryptocurrencies.
For the most part, this stands as good news, though it’s hard to completely disbar Vietnam’s up and down relationship with digital currency in the past. On one hand, the attitude that bitcoin can induce things like tax evasion, corruption, bribery and other illegal activity has run rampant. At the same time, when the country works as a “partner ground” between Coinify and Bitcoin Vietnam, it’s a little hard to place where the nation truly stands.
Introduced early this year, Bitcoin Vietnam is the country’s first official bitcoin exchange, and is working with Coinify to introduce bitcoin transactions to the masses. Coinify CEO Mark Hojgaard has expressed that BV certainly “paved the path for bitcoin adoption” in the region, and that the team is excited to be part of such a revolutionary process.