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Types of virtual currency are available in Vietnam:

3.1. Vcoin and VTC account system:
The VTC account system (https://id.vtc.vn) is the account
management and billing system for online services of VTC and
provides online payment solution for internal services. The
partner's digital signature allows users to sign up for a single
account to access and use all of the online services which the
system supports. (See Figure 3 & 4 - Appendix).
The VTC account system has been developed and operated
by VTC Intec Technology and Content Center (VTC Intecom), a
member of the VTC Int'l Payment Center, since 2006. Until now,
more than 16 million accounts have been activated, including 4
million paid accounts. VTC account system is currently the
largest online community and also the number one online
payment solution provider in Vietnam.

3.2. Electronic wallet NganLuong.vn:

NganLuong.vn is the e-Wallet and payment gateway
dedicated for e-commerce operated by Ngan Luong Joint Stock
Company. With the support of its controlling company
PeaceSoft-Group, NganLuong.vn was designed and built in
October 2008, tested in February 2009 and officially launched
its first version in April 2009. .
NganLuong.vn operates under the model of electronic
wallet, users register their personal or business accounts with
three main functions: Recharge, Withdrawal and Payment; All of
them are available online via local or international cards, bank
accounts or other convenient ways. The investment capital from
world leading corporations such as IDG (USA), SoftBank (Japan)
and eBay (USA) helps NganLang.vn having the ability to
reassure the finance for all transactions of telecentre at
Vietnam

3.3. Bitcoin:
 Bitcoin community in Vietnam
According to unofficial data, participants in the Bitcoin
community in Vietnam are more than 1000 people, from
different backgrounds and occupations. Main activities of the
Bitcoin community in Vietnam include:
- Exploitation: However, the number of people involved in
this activity is decreasing because of the increasing difficulty of
"exploiting"
- Investment: This activity is relatively limited because the
community does not actively evaluate and predict the price of
Bitcoin in the world.
- Transaction: This activity has the highest level of interest
in Vietnam, however, it is only experiential and curious.

4. Legal framework:
Although electronic payment has been taken place for
almost 10 years, there is still a lack of legal framework to
manage payment service providers. On 22 November 2012, the
Government issued Decree No. 101/2012 / ND-CP about non-
cash payment, including Articles 15 and 16 providing for
payment intermediation services and conditions. Supply, as well
as regulations on procedures, records, licensing activities of
providing payment services. However, up to now, these
regulations have not been applied in practice because they are
still waiting for Circular guiding the provision of payment
intermediary services.
Because there are no guiding circulars, out of more than 20
enterprises providing payment services, nine enterprises have
been licensed by the State Bank for testing in 6 months. ). The
rest waited for the Circular to be issued for a license. It can be
said that most of the electronic payment gateway is running
spontaneously and has not been managed by the State Bank.
On 17/02/2014, the State Bank of Vietnam has issued a
press release to Bitcoin and other virtual currencies.
Accordingly, the State Bank of Vietnam has raised the risks of
using Bitcoin as:
Firstly: Highly anonymous virtual money-related activities
should be easily exploited to carry out some illegal activities,
especially in relation to money laundering.
According to the Law on money laundering prevention and
suppression of the 1992 Constitution of the Socialist Republic of
Vietnam, which was amended and supplemented a number of
articles under Resolution No. 51/2001 / QH10: Money laundering
is the behavior of organizations and individuals. Human beings
to legalize the origin of property acquired by crime; Where
property is defined as including material, money, valuable
papers and property rights in accordance with the provisions of
the Civil Code, may exist in material or non-material form;
Movable or immovable property; Tangible or intangible;
Documents or legal instruments proving ownership or interest
in such property.

5. Solution:
The current analysis shows that Vietnam's banking and
financial system is still at a high level of development,
containing many risk factors that may be broke. In addition,
other factors such as infrastructure, information technology ...
are also far away from developed countries. Therefore, the full
acceptance of Bitcoin as some developed countries in this
period for Vietnam may not be appropriate. However, it should
not be rigidly "prohibited" by administrative measures as the
State Bank has implemented.
5.1. For companies and financial institutions
The companies and financial institutions operating in the
field of Bitcoin trading and transactions need to register their
operations with the relevant authorities, they should:
+ Register to claim Bitcoin account: This address will be
public and managed. In case this account is stole, its
information can be posted on the system to block any
transactions with this account.

5.2. For individual users:

There should be separate regulations and limits on the use
of Bitcoin. For low value transactions, this activity is less risky
and users do not need to take legal responsibility. However,
with high value transactions, users should obey the principles of
asset trading and are obliged to pay taxes. For Bitcoin
diggers, the value of bitcoin digging can be considered as
income and diggers are subject to personal income tax.