The Vietnamese authorities are still showing signs of the new confusion of the cryptocurrency regulation

Recently, it has become increasingly clear that the Vietnamese authorities are not yet too sure about their approach to regulating the cryptographic sphere.

In particular, the Vietnamese Ministry of Justice has suggested several explanations on how to organize the crypto industry. Some of these schemes have been actively opposed by other authorities in the country, while some have received wide acceptance.

They examine three different policies that are prevalent in various parts of the globe.

• Floating: implementation of a relatively relaxed regulatory administration
• Prohibition: an absolute prohibition
• Legalization of encrypted transactions under certain conditions

The authorities have examined the advantages and disadvantages of global trends. The director of the Department of Civil and Economic Law, Nguyen Thanh Tu, says that this analysis will form the basis for further considerations by the government. The required departments will establish the legal framework for the regulation of cryptographic resources.

An example of the confusion is the recent ban on mining crypto equipment that the Ministry of Finance. This proposal was overwhelmingly supported by the State Bank of Vietnam and the Ministry of Public Security. Although the Ministry of Industry and Commerce opposes it, it claims the loss of business as the factor to be taken into consideration by the government.

The Ministry of Industry and Commerce also offered a counter-proposal to the Prime Minister's office. In it, the ministry clarified that there is a demand for classifying mining devices. The Ministry of Information and Communications has divided them into two categories: ASICs and GPUs, observing that video cards have other applications besides mining.

Statistical data produced by the Vietnam General Department of Customs show that in 2017 more than 27,000 mining parts were imported into the country and over 15,000 in the first five months of this year.

An apprehension for the locals is that these cryptocurrency channels have no support in the Vietnamese language. Most interfaces are in English, which makes it harder for some Vietnamese with limited English to use the currency. Although, this has not prevented Vietnam from constantly classifying among the top three countries in the world in the number of global trade accesses of BitCoin such as Poloniex and Bittrex.