Vietnam to create legal framework for digital assets

The Vietnamese Prime Minister has approved a plan to formally recognize Bitcoin as a form of payment 
28 August 2017   938

Prime Minister Nguyen Xuan Phuc this week approved the plan to scrutinise and streamline the legal framework for the management of cryptocurrencies such as Bitcoin in Vietnam by 2018.

The PM has asked the Ministry of Justice to preside and co-ordinate with other relevant ministries and institutions, including the State Bank of Việt Nam, Ministry of Information and Communications, Ministry of Public Security, Ministry of Industry and Trade and Ministry of Finance, to scrutinise the current legal framework, provide a comprehensive assessment and propose suitable solutions and revisions in the framework to the Government.
 

vietnamnews.vn

Thus, the Vietnamese government hoped to protect consumers by strengthening laws and regulations, furthering prohibition, and actively cautioning the public about the risks involved in dealing with digital money. However, digital currencies have been thriving in Vietnam: there has been a significant increase in investment and business transactions in the northern border provinces, central provinces, and the central highlands.

Now, according to vietnamnews.vn, by June 2019, the ministries must “finalize an application asking for the compilation of a legal framework on taxes for cryptocurrencies.” On top of that, the ministries must submit proposals for the prevention and resolution of related violations by September 2019.

If approved, the move would signal that leaders in Vietnam are moving away from the more cautious viewpoint expressed in 2014, when central bank officials warned consumers about the risk of cryptocurrencies.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   133

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.