Bitcoin price hits new peak, need to soon complete legal framework on digital currency

(NLDO)- Bitcoin has risen to a new peak, surpassing 109,000 USD, raising the urgent issue of completing the legal framework for digital assets and digital currencies.

Bitcoin price hit new highs after Donald Trump was elected US President. On January 20, Bitcoin price rose to an all-time high, surpassing the $109,000 mark, in the context of Donald Trump being expected to loosen regulations on the digital currency industry, preparing to take office.

In early December 2024, this digital currency surpassed the $100,000 mark for the first time, attracting the attention of investors.

Bitcoin price has been increasing continuously recently. Screenshot

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association, predicted that by 2030, the value of traditional encrypted assets will reach 16,000 billion USD, accounting for 10% of global GDP (currently only 0.6%).

According to Mr. Trung, Vietnam cannot stay out of this trend. Particularly with cryptocurrencies, Vietnam is home to the strongest investment community, with 17 million investors owning crypto assets in 2024, ranking 7th globally.

National Assembly delegate Hoang Minh Hieu (Nghe An delegation) also said that research reports show that Vietnam is second in the world in terms of the percentage of people owning digital assets, with about 20 million people owning digital assets and every year about 120 billion USD in cryptocurrency is poured into Vietnam.

Mr. Nguyen The Binh (an office worker in Hanoi ) said that trading popular digital currencies such as Bitcoin and Ethereum is now quite simple through trading floors, with many different methods. Trading activities are very active, many people even consider this as a method of investment in both the short and long term.

"Individuals investing in virtual currency in Vietnam use the peer-to-peer (P2P) trading method - which is the act of buying and selling cryptocurrencies directly between users without intermediaries," Mr. Binh shared.

In the context of Bitcoin continuously "peaking", the field of digital assets and digital currencies is developing strongly, requiring urgent completion of the legal framework to ensure State management, serve tax management, anti-money laundering, create a basis for dispute resolution, and prevent fraud.

At the 8th session in November 2024, the draft Law on Digital Technology Industry was submitted by the Government to the 15th National Assembly for initial comments. At the recent meeting of the National Assembly Standing Committee, the draft Law continued to be commented on for completion.

Accordingly, the Bill defines digital assets as assets as prescribed in the Civil Code, expressed in the form of digital data, created, issued, stored, transferred and authenticated by digital technology in the electronic environment.

Meanwhile, crypto assets are digital assets created, issued, stored, transferred and authenticated using blockchain technology, distributed ledger technology or other similar digital technology.

According to Mr. Le Quang Huy, Chairman of the National Assembly's Committee on Science, Technology and Environment, digital assets are a new, complex, developing and rapidly changing issue. Currently, in the world, this type of asset does not have a complete legal framework and there are still different views.

Therefore, the draft law aims to provide a framework for the concept and classification of digital assets based on their intended use, technology, and other criteria. In addition, the Government needs to consider amending the Civil Code, the Law on Electronic Transactions, and the Law on Securities to comply with the provisions on digital assets in the new draft.

Mr. Phan Duc Trung said that the draft law clearly distinguishes the concepts of digital assets and crypto assets, in accordance with current legal regulations and similar to international practices. According to Mr. Trung, when the legal corridor is completed, a part of this capital can be transferred to the legal sector, contributing positively to the economy and minimizing the risks of money laundering, terrorist financing or fraud in cyberspace that are currently very painful.

According to the National Action Plan on preventing and combating money laundering and arms financing, the Government requested the Ministry of Finance and relevant ministries and branches to complete the development of a legal framework to ban or regulate virtual assets and organizations providing virtual asset services by May 2025.

Source: https://nld.com.vn/gia-bitcoin-lap-dinh-can-som-hoan-thien-khung-phap-ly-ve-tien-so-196250128114548909.htm