Last week it was Russia. Now, Vietnam is reportedly joining the leagues of countries that will soon legalize virtual currencies like bitcoin.

Vietnamese-language news outlet VnEconomy reported that the government and relevant ministries are working on a proposal for “improving the legal framework to manage and deal with all kinds of virtual property, electronic money, [and] virtual money.”

The government was initially concerned that bitcoin will be used for money laundering activities, or even buy illegal weapons and arms, and enable corruption and bribery. Additionally, state regulators are worried that bitcoin transactions will make it difficult for the government to collect taxes, resulting in losses to the budget revenue due to tax evasion.

Vietnamese lawmakers admitted the country is behind other countries when it comes to defining and regulating digital currencies, which is needed especially now that electronic payments and e-commerce are booming in popularity in Vietnam. The government believes virtual money like bitcoin will be used as non-cash payments in the future.