Bitcoin Forum

Starting 2018, using cryptocurrencies like Bitcoin in Vietnam will be illegal and subject to a $9,000 fine
The State Bank of Vietnam (SBV) has amended its monetary regulations to make Bitcoin and similar virtual currencies illegal. In an announcement revealed today – it is now illegal to issue, supply or otherwise use Bitcoin because it has been designated as an illegal means of payment. The SBV notice clarified that the only officially accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards as well as any other payment instruments approved by the State Bank. The move against cryptocurrencies follows similar bans on centralized virtual currencies, often used for gaming or gambling, as well.

While no other altcoins like ZCash, Ethereum, Litecoin, Ripple, and others are specifically named, it’s pretty clear that Vietnam is also considering these other cryptocurrencies to be illegal means of payment, as well. What’s the penalty for using illegal means of payment? 150 million to 200 million VN – which translates to roughly $9,000 USD.

Old news.

Also, copy pasted from: https://www.reddit.com/r/ethtrader/comments/798mxy/daily_general_discussion_october_28_2017/dp1e9af/

The issuance, supply, use of Bitcoin and other similar virtual currency as payment means is illegal and prohibited in Vietnam. This is a decision that has come into force, given by the governing body and applied throughout the territory of Vietnam.

Vietnam will not prohibit Bitcoin, nor can it be banned, as it is a human asset. Bitcoin is not banned from trading, exchanging, donating ... it is forbidden to pay, ie prohibits viewing it as money.

recently vietnam banned and consider bitcoin as illegal. the popularity of bitcoin are rising up day by day. hopefully than the government will understand their fault.

I am very upset in that news and I am worried in the citizen in Vietnam that wants to invest in bitcoin. I hope that the Vietnam government will not banned bitcoin because many people in Vietnam wants to invest in bitcoin.

I know that something they will try to restrain that kind of idea and will support crypto currencies because they will feel that they are being left out.

it's recent news vietnam banned bitcoin is illegal.but day by day bitcoin rising up.and the government showing this.hopefully government will permit bitcoin.and that will be a great news.

in my opinion, this only delimits where bitcoin is a means of payment in Vietnam, but for its own use, it's fine. this is the same as in my country where bitcoin is not allowed as a payment instrument. This is because it violates the law of state finances. However, if it is made as an asset it is not a problem

It is becoming a horrifying year for bitcoin. Recently Vietnam has declared Bitcoin as illegal in the country and no transaction will be made by the digital currency. The Govt. will take strong against the users of the bitcoins.

Situation of bitcoin is not very easy in Vietnam. The State Bank of Vietnam (SBV) has issued new law against bitcoin and has declared it as illegal for transaction in the country. If anyone found using this coin he/ she will be fined by the Govt.

In the early 2018, it was assumed that Vietnam will allow bitcoin as a means of transaction and allow the virtual currency in the country. But the recent news show that the State Bank of Vietnam (SBV) has declared the bitcoin illegal to use and strict action will be taken against them who will find to use this coin.

In my opinion if I understood that right this is completely awesome and it also shows us that cryptocurrencies having enough potential and power to conceive anybody that it is trustworthy itself, and reliable to use it.

Bitcoin and other official virtual currencies are not recognized by the State Bank of Vietnam from the date of entry into 2018. This is a valid decision made by the executing agency and applied throughout the entire Vietnamese territory. This is a bad news for all electronic money investors.

The State Bank sends a press release to confirm that Bitcoin and other similar virtual currencies are not legal 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.

Has this forum been taken over by East Indian bots or something?

Yes, the Bank of Vietnam has issued a Bitcoin Virtual Currency Prohibition in payment transactions. If in the territory of Vietnam, only one Vietnamese currency for trading. Therefore, Bitcoin electronic money (BTC) will be banned in Vietnam. Beginning in 2018, if units, organizations, and individuals use Bitcoin virtual currency in transactions, the sale will be fined from 150 million to 200 million. The heavier person may also be prosecuted for criminal liability.

What????
Information is unexpected !!!
I do not know if that is true or not, but it's a bad thing !!!
Maybe this is a government error about this !!!
Previously allowed and installed 5 ATMs in Ho Chi Minh City !!!
Can not understand the reason why now banned !!!

Vietnam has not banned Bitcoin and altcoin but does not support the use of digital money!
It takes more time for this to change!
I hope 2020 will be true!

I don't think they can physically ban bitcoin, all they can do is prevent banks from using it. With vpn technology and decentralised exchanges they can do it without government knowing about it

maybe in Vietnam, Bitcoin is not accepted due to fear that it will happen, such as money laundering and criminal acts, but for transactions in Vietnam, it is still permitted because Vietnam is also one of the most crypto users today.

The State Bank has issued a notice saying: Bitcoin and electronic money are not considered as means of payment. The issuance, supply and use of Bitcoin and other similar virtual currency as a means of payment are prohibited in Vietnam.

This is a typical news which we're seeing in many countries, if you have been observant all these countries will deem bitcoins and cryptos illegal but they'll feel shy to officially ban it.

Now let's take Vietnam case, there is absolutely nothing to be worried about, unlike fiat currency bitcoin cannot be bound within a particular border, the citizens of Vietnam can freely buy and sell it in different countries and can accept alternate payments.

As bitcoins can't be traded, only the exchanges if any will be effected as they would have to disclose their incomes, otherwise the general public won't be effected as there is no mechanism to track whose the seller and buyer of bitcoins.

There're sites like local bitcoins which will help people, buy and sell however one should do a due diligence of the seller and buyer.

This is old news, anytime a country bans bitcoin (like Vietnam is attempting), we just post articles like where to buy bitcoin in Vietnam (https://www.cryptogamblingsites.com/country-guides/vietnam-crypto-currency-guide-buy-bitcoin-and-altcoins-in-vietnam/) to point out the anonymous exchanges like Bisq, LocalBitcoins and Paxful that can still be used by people there.

Its a big mistake , it's basically banning the the internet. But those who will ant to use bitcoin and other cryptocurrencies will find a way, thats a fact.

Before Vietnam, there were also some countries banned from Bitcoin and some other electronic currencies, including China. As far as I know, if you are in the territory of Vietnam, use only one currency to trade Vietnam dong.

Seems like Vietnam has banned Bitcoin to be used as checks, payment orders, collection orders, bank cards etc. which are just payment methods but they cannot really ban the trading and exchanging of Bitcoin which is more important to the users. So, I don't feel that it will have any negative affect on the users as they can always choose to bypass the government regulations and trade their coins.

This is a really old news. Plus a bit tampered. BTC is not illegal in Vietnam. It has been made illegal to trade or make any sorts of payment in BTC in that country.

Where it is not specified Bitcoin is money or goods and it is not specified Bitcoin is a means of payment is prohibited, the payment through Bitcoin completely outside the authority of the State Bank of Vietnam

They definately should unbann it because it's impossible to control every single person if they don't have any bitcoin wallets or make any transfers with it. Everybody with internet connection can have bitcoin.

I hope Bitcoin will one day be legal everywhere in the world. Banning it makes no sense at all because people will use it one way or another.

The law and it's enforcement is particular to Vietnam and people within the country called Vietnam. I do not see it as a big deal because that same government in no distant time might come back and change the policy and crypt currency will become legal in Vietnam.

The Vietnamese government bans Bitcoin because it does not collect taxes or other reasons. This is a bad thing. This will prevent the success of many people. I hope the Altcoins will be okay.

This is really bad news for the market of crypto currency as well as for the bitcoin. Governments must have taken this decision in order to save their own currency. They will realize their mistake soon.

Thinking bitcoin is a human asset and bitcoin cannot be controlled by anyone because bitcoin can only be used as an income so I think bitcoin will not ban bitcoin as a source of profit and transactions in Vietnam.

I would like also that countries will accept also the other cryptocurrencies and not only Bitcoin, I would like to the countries which are loyal to the crypto currency that they will accept all my favourite coins that I have.

You are wrong, whales already control bitcoin, move its prices as they need

So far I know bitcoin is not declared illegal in Vietnam what actually happened is they have make a rule that as payment method bitcoin is not allowed but that does not mean it is not legal.

Many people have this misconception that in Vietnam BTC has been declared illegal. They just prohibit it as payment in their local stores but it is still valid for the purposes of trades, purchases and exchanges.

it is very bad that some countries set themselves barriers and restrictions in the development of crypto currency! Although it is very strange that they forbid one crypto coin, but about others do not say anything! I very much hope that soon the world financial system will change and there will be legalization of crypto coins around the world!

I thinkers we need a resolution or a form of conference directed to government official to let them understand what cryptocurrent and block chain technology is all about. Ultimately, they see bitcoin as a scam scheme, a form of ponzi scheme.
We need to voice out and let them understand what advantage they stand to gain with cryptocurrency system

Vietnam law enforcement has taken an initiative to eliminate the actions of illegal miners in their country who are abusing BTC by making people fool. But they have not said BTC is not allowed for trading and exchanging or donating.

When a country bans bitcoins, it usually involve all the other altcoins and crypto-related activities such as mining, I hope they will eventually lift the ban as the world progresses with the blockchain

If this is not a rumor, then this is a very sad fact about Vietnam. I hope this is not true.

"It would be great if the government of Vietnam would embrace Cyptocurrency. to
me Vietnam is a FinTech Hub that ready for Crypto adoption.Just government needs
to find a good approach to regulating Cryptocurrency.
"

It’s an asset for a person. So it can’t be banned. Probably they don’t allow to use is it as money. I don’t think Vietnam Govt. will fine for donating, exchanging or trading online.

I hope this does not continue for the ban on bitcoin, they only forbid bitcoin and cryptocurrency as illegal transactions, but this will not be deteriorating for Vietnam.

this is sad news for the user of bitcoin in vietnam. Maybe the government can not tolerate the popularity of bitcoin. when the people are involve mostly on bitcoin. then the govt. consider it as ilegal.

vietnam declare bitcoin as well as all the altcoin as ilegal payment. i think the government of vietnam take a wrong decision for their currency.

It's an old news. Vietnam will not gonna ban any crypto. If they already banned it, with did GCOX conducted a community building with their capital city 2 days ago with their biggest investors? So it means, Vietnam is still active when it comes to crypto and still want to adopt this kind of culture.

I'm in Vietnam. Bitcoin trading is still very normal.

The news is not new, but I read the opinion of others with interest. All states want to control the currency and all states in different measure against bitcoin. But its development can not be stopped, the process goes forward.

The news shows that Bitcoin has been adopted by many people in Vietnam. I believe the government may worry that Bitcoin will ruin its economy. I think the Vietnamese government may introduce a corresponding tax policy in the near future.

I have read the article about bitcoin banned in Vietnam, some acts related to Bitcoin will be subject to administrative penalty, criminal prosecution, a penalty can be up to 3 years in prison. The State Bank of Vietnam has repeatedly asserted that Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam.

Honestly, I do not know how bitcoin is developing in Vietnam, but perhaps even better than in some countries

In a way you are both right but I would say I agree with the last quote most. they absolutely can manipulate prices.

The vitenam government has declared bitcoin as illegal assest but I don't think that bitcoin can be banned in vitenam as, some important countries like US declared bitcoin as illegal but still bitcoin is not in under control and being traded by their citizens and looks same here in vitenam case.

The government is failing to apply blockchain technology. They are confused how to deal with crypto. Their motto is unmanageable, no use. Perhaps they need more time to create the law

Bitcoin and other official virtual currencies are not recognized by the State Bank of Vietnam from the date of entry into 2018. This is a valid decision made by the executing agency and applied throughout the entire Vietnamese territory.

Vietnam, currently does not allow the use of bitcoin as currency,
Everyone is responsible for the decision to use Bitcoin and altcoin
I hope this will change soon!

In Vietnam, there are some bitcoin trading floors, but few investors. Since the state regulations on fining this behavior, these ATM shops only buy bitcoin in cash. When asked whether the purchase was illegal or not, the staff at the site said they do not list the price of bitcoin products, while buying cash bitcoin is like buying a product and still There is no regulation for them to sell.

I feel sorry for our Vietnamese brother, they are one of the strong user and participants in the cryptocurrency, because they are technology driven, but I don't think their government can stop, their people are to good and to wise to evade arrest from trading on Bitcoin, hopefully, it will be resolved soon.

I think this news is somewhat old I think. These kinds of things can't stop, one day all the countries have to accept cryptocurrencies and these small countries will be too late at that time as developed countries will lead crypto world as they have already allowed investments legally

Vietnam's rapidly growing bitcoin scene adds the country’s first bitcoin exchange which offers traders leveraged trades, as they look to become the regional leader.

I am quite concerned about reading this news. I hope this cryptocurrency ban only happens in Vietnam. I don't imagine if I live there, it would be too sad with these rules and policies. hopefully it won't happen again in other countries.
 :'(

I think bitcoin will spread around the world. Bitcoin has a lot of expansion in the market. However, in many countries, this bitcoin has been considered illegal. I do not know if this bitcoin has reached Vietnam. What do you know?

Well, it's good. Let them develop bitcoin in their country, and then the rate will grow at the global level. Good luck to them, I hope they will succeed.

Vietnam is one of the most strong country regarding to their position about matters i remember wayback when vietnam use to take advices and teachings about their economy from other asian countries like Philippines,filipino use to teached vietnam how to plant rice and used to import rice too,but now that same country is exporting rice from vietnam meaning they're progress is determined and thats why i believe that vietnams position to cryptocurrency is for the sake of their countrymen

Never mind if bitcoin will legalized in there country of vietnam I think the leader of the country will studying the future and fast transactions upon bitcoin related.So it is a great idea for the vietnamise people will allow become a legit in there country soon.

I think bitcoin will spread around the world. But many county already ban bitcoin and Vietnam, currently does not allow the use of bitcoin as currency.
Everyone is responsible for the decision to use Bitcoin and altcoin.

Bitcoin banned in Vietnam because of the News of ICO fraud nationwide ,wherein  investors  have been  lose  big amount of money. Vietnam was then fallout all their Bitcoin miner imports and to investigate the scam. If ever it Will be cleared,  maybe in the future , hopefully Vietnam Will again a friendly Bitcoin and or still  have the possibility that xietnam Will pursue their projects  of mining cryptocurrencies.

Vietnamese finally waited in his territory bitcoin is planned to put 3 bitcoins of the machine in the near future! for students for tourists and for miners!

I do not think it can be banned. Virtual money is a time trend, sooner or later will have to accept it, the problem now is time only.

Nothing  different from the oginal news and last news i heard regarding cryptocurrency in vietnam  
Governmnet aren't totally ban cryptocurrency crypto is under study by the vietnam the importance
For sure vietnam accept crypto as legal tenders

Ho Chi Minh City-based cryptocurrency exchange Bitcoin Vietnam, which was officially launched on July 9, 2014, is currently facing an ordeal after being approached by governmental authorities for having ‘operating a blog without a proper license.’

Now it in this country not lawful, but in other countries it lawful therefore if it is necessary, people will go to other country and will remove to themselves the necessary sum of money. Don't get too upset about it.

This is not a good news for cryptocurrency and holders of cryptos in vietnam ,because there is an institution that started to operate for cryptocurrency , but the gonvernment is furious about it and charge with illegal operations and will be fined , this is a back leap for cryptos in the country of vietnam.

Since the state regulations on fining this behavior, these ATM shops only buy bitcoin in cash. When asked whether the purchase was illegal or not, the staff at the site said they do not list the price of bitcoin.

Well you can either listen to authority or carry on and do business as you please.  Not sure how they will prove anything as long as you didn't fill out KYC like a moron.  You give people freedom in their transacting and they rush in to pay taxes to their masters.  Unbelievable.  If this news scares you off Bitcoin you had better get some fiat and do what your told slave. 

Its good news for me,,i hope vietnam will be succes with bitcoin.. Always suport for vietnam..