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Current situation of Bitcoin management and use: perspectives from the world and recommendations for vietnam

Author

Listed:
  • Hang Bui Thi Thu

    (Ph.D., Ho Chi Minh Banking University - Lecturer of Economics Department, Tay Nguyen University, Daklak, Vietnam)

  • Huy Dinh Tran Ngoc

    (Ph.D., MBA, Banking University HCMC, Ho Chi Minh cityVietnam-International University of Japan, Japan)

  • An Phan Thuy

    (M.Sc., Tay Nguyen University, Lecturer of Economics Department, Daklak, Vietnam)

  • Ngoc Nguyen Thi Bich

    (M.Sc., Tay Nguyen University, Lecturer of Economics Department, Daklak, Vietnam)

  • Duyen Huynh Thi My

    (M.Sc., Lecturer of Economics Department, Tay Nguyen University, Daklak, Vietnam)

Abstract

The research aimed to evaluate suitability of Bitcoin and its platform in emerging markets such as Vietnam. We used qualitative analysis combined with data collection method published, statistics, analysis, synthesis, comparison, to generate qualitative comments and discussion; evaluate results, the article analyzed and evaluated the impacts of Bitcoin and virtual currency on society of Vietnam, both positive and negative sides. It was found that virtual currency not accepted in Vietnam as means of payment yet, while many nations in the world accept it. We need to complete the legal framework for virtual currencies in general, Bitcoin in particular. The State should continue to have policies to improve information technology infrastructure, build and improve the capacity of the contingent of financial experts, encryption, and security experts and give warning risks in virtual currency transactions. The scientific value of paper is using experiences from previous studies in other countries to generate recommendations for conditions of Bitcoin development in merging markets. Last but not least, the research was limited to the case of Vietnam; hence, we can expand research to other Asian countries or other emerging markets.

Suggested Citation

  • Hang Bui Thi Thu & Huy Dinh Tran Ngoc & An Phan Thuy & Ngoc Nguyen Thi Bich & Duyen Huynh Thi My, 2020. "Current situation of Bitcoin management and use: perspectives from the world and recommendations for vietnam," Management, Sciendo, vol. 24(2), pages 209-235, December.
    • Handle: RePEc:vrs:manmen:v:24:y:2020:i:2:p:209-235:n:3
    DOI: 10.2478/manment-2019-0054
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    More about this item

    Keywords

    Bit coin; virtual currency; cryptocurrencies; Vietnam;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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