A New Dawn For Cryptocurrency In Vietnam?

Over the past decade, cryptocurrency has been a consistently hot topic in Vietnam. A recent surge in the price of Bitcoin (BTC) from approximately USD 4,000 to nearly USD 65,000 in just over a year has turned up the heat more than ever. According to a recent report by Statista, Vietnam is ranked second among 74 countries surveyed in terms of the percentage of respondents who said that they used or owned cryptocurrency in 2020.

The considerable interest of Vietnamese users has in turn grabbed great attention from the government, specifically regarding how it can effectively regulate and potentially utilize this type of currency. Recently, the government issued Decision No. 942/QD-TTg dated June 15, 2021, approving the strategy for development of e-government toward digital government for 2021-2025 with orientation toward 2030 ("Decision 942"). Decision 942 raised a stir among Vietnamese investors as it seemed to hint at the government's growing openness toward