After Pi listing craze, Vietnam PM urges crypto regulations

Vietnam is now moving to set rules for cryptocurrencies, as the Pi coin listing craze increases. Prime Minister Pham Minh Chinh told the Ministry of Finance and the State Bank of Vietnam to come up with a legal plan by March 2025. More people in the country are using digital currencies like Bitcoin and Ethereum, so the government wants to put clear guidelines in place.

Right now, Vietnam doesn’t treat cryptocurrencies as official money. The laws only deal with things like prepaid bank cards or online wallets tied to regular cash. Because of this gap, a lot of blockchain companies are set up in places like Singapore or the U.S. but still work in Vietnam. That means the country misses out on taxes and falls behind others.

Party General Secretary To Lam suggested trying a “sandbox” idea, basically, a test run where they can watch over digital asset trading without jumping in all at once. The Ministry of Finance and the Ministry of Science and Technology have until June 2025 to finish writing the rules.

Vietnam’s already big in the crypto world. Back in 2021 and 2022, it was one of the top three countries for people owning digital currencies—about 21% of folks here had some. In 2023, a group called Chainalysis said Vietnam handled $120 billion in crypto trades.

One coin getting attention is Pi Coin, even though no one’s sure if it’s legal here yet. Lots of Vietnamese are mining it since it’s free and they hope it’ll be worth something later. There was a Pi Network meetup not long ago with a big turnout talking about it, but some experts say it’s risky to bet on coins like that without rules in place.

On top of this, the Prime Minister told the State Bank to figure out housing loans for people under 35 and keep loan rates fair to help the economy grow.

Vietnam’s pushing hard to get a handle on digital money. The next few months might change things for people investing or running businesses here. It’s not clear yet if this will open doors or lock things down more.

Also Read: Pi Coin’s Ranking Sparks Debate Despite $15B Market Cap