Bitcoin has been doing quite well since the start of the year. From barely hitting a value of $1,000 to now being worth much more than three times the price of gold, the first and most popular cryptocurrency is skyrocketing in value as well as notoriety.
In an exciting development establishing the legitimacy of the cryptocurrency, the government of Vietnam is beginning to set in motion systems that would recognize bitcoin as a legal currency in the country. The regional news service VNA broke news that “Prime Minister Nguyen Xuan Phuc this week approved a plan to scrutinize and streamline the legal framework for the management of cryptocurrencies such as Bitcoin in Vietnam.”
This directive will allow the government to explore how this policy should be implemented, and a plan should be ready in a year’s time. From there, a regulatory framework should be in place by the end of 2018. Finally, a system for taxing cryptocurrency will be set by 2019.
Vietnam’s move is another signal that bitcoin, and cryptocurrencies in general, are well on their way to legitimization as a truly global currency.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.