Central Bank Of Vietnam Makes Bitcoin Payments Illegal

With Vietnam having taken steps to essentially make bitcoin use illegal in the country, Vietnam has now following suit as the central bank deems the cryptocurrency illegal. In a similar stance as Vietnam, the bank emphasized transactions using Bitcoin are the main activity to be affected.

vietnam bank

Use of illegal means of payment (including bitcoin and other similar virtual currencies) will be subject to a fine of between VND 150 million and 200 million [approx. $9,000]. At the same time, as of January 1, 2018, the act of issuing or using an illegal means of payment (including bitcoin and other similar virtual currencies) may be subject to prosecution.

Some citizens have questioned the viability of the new regulation as while it will prohibit Bitcoin transactions, bitcoin can still be sold on exchanges in exchange for fiat which is unaffected.

[A]ccording to the provisions of the law, Bitcoin and other virtual currencies are not lawful means of payment in Vietnam; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.

To conclude, bitcoin use in Vietnam has now been made illegal. Bitcoin users will also be punished with fines which are said to be around $9000 in the local currency as the bank threatens potential legal action to be taken against individuals caught using the technology as a payment method. While this will allow cryptocoin technology to remain viable as stores of value and for other purposes ,possibly even cryptocoin mining, excluding as a payment method. Bitcoin users in the east can still use South Korean markets and Japanese based services as the respective governments have yet to take legal action against cryptocoin users.

Disclaimer: BTC.ng does not condone the use of bitcoin if it is illegal in your area. Please abide by the laws in your jurisdiction when using or trading bitcoin. BTC.ng can not be held liable for any legal action taken against individuals.

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Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.