Hot news has just broken: On March 1, 2025, Prime Minister Phạm Minh Chính signed Directive 05, issuing an ultimatum to the Ministry of Finance and the State Bank of Vietnam to complete the legal framework for digital currency by the end of March – with less than 30 days to go! As Vietnam is abuzz with the virtual asset wave, this directive is like a historic push, stirring up public opinion from the business community to ordinary citizens.
Prime Minister Sets Legal Framework for Digital Currency in March
At the beginning of March 2025, Prime Minister Phạm Minh Chính made the entire nation sit up with a decision that marks a turning point. In Directive 05 issued on March 1, he ordered the Ministry of Finance – the lead agency – to collaborate with the State Bank of Vietnam to finalize the legal framework for managing digital currency by March 31, 2025. This is not just a call but a firm command, setting a tight deadline to bring digital currency – from Bitcoin and Ethereum to other virtual assets – out of the legal gray area.
This directive does not stop at making demands but also outlines a clear path forward. The Prime Minister emphasizes that the legal framework must identify digital assets, create a foundation for managing transactions, valuing, and exploiting economic potential. A notable detail is the proposal for a sandbox mechanism – a “controlled experimentation playground” to develop digital asset exchanges under strict supervision – showing a vision that is both bold and practical. With the extremely short deadline, this move is not just a legal step but a strong signal that Vietnam is determined to turn digital currency into a “golden egg,” supporting the goal of achieving an 8% GDP growth this year.
Public reactions came immediately. “I’ve never seen the Government act so quickly,” a financial expert exclaimed, “this is a sign that Vietnam does not want to fall behind.” Blockchain businesses are enthusiastic, citizens are curious, and investors are holding their breath to see if March will truly make history. In just a few days, the Prime Minister’s directive has become the hottest topic on coffee tables, social media, and economic forums.
Why the Legal Framework for Digital Currency is “HOT”
Just looking at the numbers explains why the legal framework for digital currency is so “hot.” Vietnam ranks among the top three countries globally in terms of digital asset ownership, with 21% of its population – tens of millions of people – participating, according to the Vietnam Blockchain Association. The $120 billion influx into the market in 2023, as reported by Chainalysis, is evidence of the strong appeal of this wave. From office workers to tech startups, everyone wants to get into the “gold mine” of virtual assets. But behind the excitement is a concerning reality: Vietnam lacks any regulations to manage digital currency.
Current laws only recognize cryptocurrencies tied to fiat currency, such as e-wallets or bank cards, while virtual currencies remain outside regulatory control. The consequence? Vietnamese blockchain businesses must “go abroad” to Singapore or the U.S. to find legal havens, resulting in billions of dollars flowing out of the country. Citizens are “swimming” in a chaotic market, facing risks from fake exchanges to unpredictable price drops. The Prime Minister’s directive is like a beacon in the dark, promising to bring transparency and transform digital currency from a “risky game” into a “golden opportunity” for the economy.
The “hotness” also comes from the international context. As Singapore has built a solid digital financial ecosystem and the U.S. has legitimized digital currency through investment funds, Vietnam cannot stand outside the global race. The March deadline is a pressure, but it is also a declaration that the country is ready to compete with the world. “If we lag behind, we will lose everything,” an economist comments. The urgency and immense potential have made the legal framework for digital currency an unavoidable topic in early March.
Significant Impact from the Prime Minister’s Directive
The Prime Minister’s “deadline-driven” directive in March is creating powerful waves, affecting every corner of the economy. For businesses, this is the best news of the year. Once the legal framework is established, companies – especially tech startups – can use digital assets to raise capital, from bank loans to investments. Instead of registering abroad, they can operate in Vietnam, keeping the $120 billion within the country to expand their scale. The idea of digital asset exchanges through sandbox mechanisms has excited the business community. “We can compete with Binance right on our home turf,” a blockchain CEO enthusiastically shared. This is an opportunity for Vietnamese businesses not only to survive but also to reach out globally.
Citizens are also not left out of the impact. A clear legal framework will bring confidence when dealing with digital currency, pushing back the specter of scams and asset loss. Nguyễn Văn Hùng, an individual investor in Hanoi, said: “I once lost tens of millions due to a fake exchange; now with the law, I will invest boldly.” From newcomers to seasoned investors, everyone hopes digital currency will become a legitimate investment channel, on par with stocks or real estate. This is a step to bring the digital economy closer to every family, making it a story for everyone.
On a macroeconomic level, this directive is a lever to realize the goal of an 8% GDP growth. Legitimized digital currency will create additional financial resources, supporting large projects like 3,000 km of highways, Long Thanh Airport, or the T3 terminal at Tân Sơn Nhất. “If utilized well, Vietnam can leapfrog in the digital economy,” an expert noted. However, there are concerns. The tight deadline may result in an incomplete law, leaving loopholes for speculation or money laundering. If the Government does not control it well, this “hot news” could become a “bomb” causing market chaos. Nonetheless, with the Prime Minister’s determination, many believe that March 2025 will mark a turning point for Vietnam in the era of virtual assets.
The impact also extends to Vietnam’s international standing. As other countries have moved ahead, the legal framework will help Vietnam narrow the gap, potentially surpassing others if it leverages its demographic advantages and existing potential. This is not just a story about digital currency but about the ambition of a nation wanting to make its mark on the global financial map.
The Prime Minister’s directive on the legal framework for digital currency in March 2025 is hot news stirring public opinion, promising to open a new era for Vietnam’s economy. From businesses to citizens to national standing, DigacashBlog believes, everyone is waiting for a turning point from March. Despite uncertainties, this is an opportunity for Vietnam to break through in the virtual asset race, turning the digital dream into reality.