Vietnam as an emerging economy and one of fastest growing in the world, also shows an increasing rate of adoption of smartphones and it decreased its poverty line. Vietnam also has market remittances of 14 billion of dollars, which makes a potential emerging market for the adoption of a decentralized and friendly currency like the bitcoin.

Likewise, in the summer of 2014 was seen the launch of the first bag of Vietnamese Bitcoin in VBTC and later that year was seen the launch of the first bitcoin trading platform in the country. In September 2015 VBTC launched a service that promised international remittance transfers in an hour users in Vietnam with available cash withdrawals at 9,200 locations across the country.

However, the Department of Information Technology and Electronic Commerce of Vietnam has issued a warning against the use and investment in Bitcoin and other digital currencies online.

The regulation of Bitcoin is a gray area in most countries. Governments have not yet established specific regulations; also cryptocurrency industry is full of potential and is still in early stages. Unless the industry reaches a certain stage in terms of innovation, government bodies and control can hamper their growth, unwittingly by introducing harmful regulations.

Situation that is being lived today in Venezuela, after being known a story about the arrest of 2 individuals linked to the bitcoin mining, it is to demonize the currency and its users where opinions made by government authorities to the situation go beyond a warning to the use of money reaching even to accuse generically bitcoin users of cybercriminals.

Central banks around the world simultaneously issued warnings against using Bitcoin and other cryptocurrencies. The warning indicates that these cryptocurrencies are not backed by any central bank and the volatile nature of these digital coins represents a risk for investments. In many places, including banks and financial institutions were issued warning against the problem of digital assets such as Bitcoin.

Since then, many countries have relaxed their stance on bitcoin, except for a few like Russia, China, Thailand and Vietnam. Bitcoin has no legal status and the ambiguous position of these governments to bitcoin makes it a borderline to illegal.

Source: cryptocoinsnews, newsbtc.

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