Policy recommendations for Vietnam

*Research and elaborate concepts

Currently in the world there are many definitions of cryptocurrency. Translating/translating into Vietnamese also creates a lot of debate. There are currently two ways to understand cryptocurrency as follows: (1) Electronic money is equivalent to virtual currency, cryptocurrency; (2) Cryptocurrency is an electronic payment instrument and a type of currency. 

With the existence of Bitcoin for more than 10 years and the values ​​it holds, for the first time cryptocurrency exists with the identifier "Crypto Currency" or "Cryptocurrency" - cryptocurrency. In fact, these coins and even Bitcoin cannot be defined as electronic money because they have absolutely no state control and guarantees. 

For the definition of fiat cryptocurrency as an electronic payment instrument and a currency, the prerequisite characteristic is that it must be managed by the Government. Fiat cryptocurrencies are entirely better as transactions can take place without the internet and without the need for a bank account. Electronic payment tools in use such as online transfer, ATM/credit card scanning or e-wallets such as MoMo, Viettel Pay... must also revolve around the base currency of Vietnam Dong through a bank account. row. So the concept of Fiat Cryptocurrency as a currency and an electronic payment instrument is reasonable.