Overview on the legal position of cryptocurrency (Bitcoin) in some countries in the world - Orientation to build a legal framework for cryptocurrency in Vietnam

Abstract

The article focuses on analyzing and commenting on the nature of cryptocurrency (typically Bitcoin) and the legal position of this cryptocurrency in Vietnam through comparison with countries like France (Europe) and Thailand in order to make a perfect recommendation for Vietnamese law on this issue. Accordingly, the paper shows that in France, cryptocurrency is considered a kind of asset, although the French law currently does not recognize the ability to pay in encrypted money for all transactions, though in fact, it can be converted into real money. In Thailand, cryptocurrency is seen as a type of stock and can be traded on the stock exchange. Meanwhile in Vietnam, although there are many conflicting opinions, however, with the current regulations, cryptocurrency is sufficient to be considered a kind of property rights recorded in Vietnam Civil Code in 2015. And therefore, although not used as a means of payment as legal money, cryptocurrency should have been the object of exchange and transaction activities as a type of securities in Thailand. The management of cryptocurrency under the securities model could help Vietnam to control well the illegal cryptocurrency transactions such as money laundering, terrorist financing, etc. Besides, it also helps increase revenue for the State budget through taxation on transactions and income generated from such transactions.