Vietnam Bans Bitcoin as Payment

[bestt30]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/

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[JayJuanGee]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/

Seems to have had NO negative effect on bitcoin prices, correct?

[Nerman]

With the link At least they are just banning bitcoin as a form of payment so technically vietnamese people can still pruchase bitcoin and they can still also trade and invest on it. 

I do not know how the Vietnam government works but why banks can set laws in their country. If that bank is a part of their government well the crytocurrency  market does not seem to care we are seeing all time high as i write this post.

If a super country like China was not able to stop Bitcoin I think Vietnam banning Bitcoin as a payment will not affect the crypto currency market.

[The Sceptical Chymist]

Eventually, hopefully, countries will wake up and realize that a bankless, nongovernmental form of money can't be (or at least shouldn't be) suppressed.  And no, this hasn't affected the price of bitcoin negatively, but I'm not sure there's much news that would these days.  The market is so bullish that it's going to take a lot more than Vietnam could muster.  It's still not a good thing for bitcoin if any country tries to regulate it.  These motherfuckers have had their greedy hands in out pockets for so long, and they really need to learn the concept of laissez faire when it comes to crypto.

[raking]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/

To my mind, the government of Vietnam does not manage btc transactions if btc accepts payments and the government does not get the benefit from that transactions. So they gave a btc ban.

[sugihe]

With the link At least they are just banning bitcoin as a form of payment so technically vietnamese people can still pruchase bitcoin and they can still also trade and invest on it. 

I do not know how the Vietnam government works but why banks can set laws in their country. If that bank is a part of their government well the crytocurrency  market does not seem to care we are seeing all time high as i write this post.

If a super country like China was not able to stop Bitcoin I think Vietnam banning Bitcoin as a payment will not affect the crypto currency market.

First china now vietnam following. China can not stop and now vietnam. It does not mean anything for bitcoin price. Bitcoin is flying in sky now. No one can stop it.

[pooya87]

this looks more like "we want to ban" not "already banned" to me. although it really doesn't make any difference.
you see banning bitcoin trading or banning exchanges means that you can not buy or sell bitcoin easily with fiat. because fiat means you have to go to a centralized place (most of the time) and if it were banned that place won't exist.
but when we are talking about "payment" or usage of bitcoin, nobody can do anything about it. bitcoin is decentralized and peer to peer you can not ban a system like that ever.

[777Bitcoin]

Vietnam Bans Bitcoin as Payment

The tittle itself is contradicting to its policy, then I look at the market and ask myself does anybody cares? I even wanted to answer it a little bit that’s not true because everything now is nothing but manifestation that cryptocurrency is not a sensitive investment that will react always on any banning news or regulation from any country. China fails to make a change then Vietnam, who’s next.

[bajigur894784]

I've read an article..
not just Vietnam which forbids Bitcoin as a Payment, there are some countries as well in the Southeast Asian region.
What I know about Bitcoin adoption in Southeast Asia is currently low and largely driven by a small amount of speculation.
Although bitcoin growth is growing rapidly in southeast asia, there are only a few traders who accept Bitcoin. Although populations in Southeast Asia are twice as high as the United States, the acceptance of Bitcoin in this region is low relatively

[sehanmaxx01]

The ban does not, however, mention mining or exchange of virtual currencies

[Harlot]

The ban clearly stated that they are only prohibiting Bitcoin as a mode of payment and they clearly indicated the other modes of payment that are legally accepted by their country. But the other use of Bitcoin is allowed based on the news given. Mining and Cryptocurrency trading are not means of payment method but are means of earning. Another thing to put out to is if you can legally exchange your Bitcoin to Fiat currency and do not consider it as some kind of payment method for the one who is receiving the Bitcoin.

[kpcian]

This is very frustrating news regarding this system, you have to take consider the newly invented culture. you have to cope up with such type of event, day by day technology is moving at a great speed. if you can't  accept the change then you must keep yourself behind form other countries.
Where Bitcoin is getting popular and accepted in many countries then Vietnam has taken such type of disappointing step in terms of this platform. whatever the case is, it doesn't matter, I hope they will find another way to come back to this platform. if they can't moreover there will be no negative impact on the price of Bitcoin.

[Rahul20]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/


The government does not have any regulations to manage btc transactions, while a university is required to accept btc to pay tuition fees. That's one reason  the government banned btc. On the other hand, accepting btc in Vietnam would be more beneficial to foreign firms than to domestic firms. This will partly affect the national economic interests.

[hatshepsut93]

We've recently seen a lot of similar statements from other countries, especially Asian, and this was probably influenced by China, but it has no effect on Bitcoin's price. "China bans Bitcoin" FUD doesn't work because China lost it's leading position on Bitcoin market volume, so it would take US, Japan, South Korea or Europe to ban Bitcoin to crash the price - any other countries would have almost no visible effect on its price.
As for governments, they are risking to miss out on opportunity to join a new kind of global economy without borders, and we might soon see the opposite approach - embracing Bitcoin on a state level and even using it as reserve currency.

[macchiato]

From the news, it states that Vietnam only bans the usage of bitcoin as payment and no more than that. They have not enumerated and clarified all the activities that are prohibited.

Besides, how will they trace bitcoin transactions? Bitcoin is known for its feature of anonymity. This means that the government will have a low possibility of tracing people involved in such transactions. And why now? Why would they ban something that is just starting to showcase an extremely positive potential in the market? Users of bitcoin are proliferating and so is its price. I'm disappointed how the Vietnam government couldn't appreciate such an asset.

[timcheerful1]

It's possible to ban bitcoin,I don't think so cause the currency future is Bright  and it help country economy... I think they can not ban bitcoin

[Naster]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/

Seems to have had NO negative effect on bitcoin prices, correct?

Nope, it seems to have positive effect on bitcoin price 
We remember that a ban of Bitcoin in China has been followed by a more increase of interest on this virtual currency...
Like Bill Gates said, NOBODY CAN STOP BITCOIN BTC
Any continously Ban will increate the interest of people... and we know what happens when interests in a product/service increases..
And it's just about currency, it's also about Technology!

[Cloud27]

First, we hear the Vietnam government banned the used of cryptocurrency for any payment transactions. Maybe the next news we will read is the banning of local cryptocurrency exchange in Vietnam. Just like China, first they banned ICO next they stop the operations of local crypto exchanges. In my own opinion Vietnam investors need to start moving their cryptocurrency investment to Singapore and HongKong, just like what Chinese investors did with their cryptocurrency.

[xandriel]

lol, people can look the price of BTC. It has reached the new peak. If one country ban Bitcoin lead to prices increasing, I want all countries in the world ban Bitcoin.

[DBronze98]

The State Bank of Vietman has issued “Information related to the use of virtual currency” that bans use of the cryptocurrency for payments.

It won’t say why, and doesn’t explicitly ban mining or blockchain.

The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is 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.”

Fines of around US$9,000 apply to those who accept or offer payments in virtual currencies.

Why the Bank decided to make the statement is unclear, but it’s not hard to guess why: Vietnam’s government is a little like China’s in that it permits private enterprise but remains a single-party communist state. Virtual currencies’ represent a threat to command economies that such regimes find hard to tolerate, as China’s shuttering of Bitcoin exchanges and Russia’s attempts to do likewise demonstrate.

The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity. So long as they’re not used to buy and sell stuff.

Vietnam’s trying to reform its economy, is already winning manufacturing work from China and attracting considerable foreign investment. It’s not hard to imagine blockchain making a splash there, even if Bitcoin is banished from commerce.

Source
http://www.coinn.club/bitcoin-altcoin-signals/vietnam-bans-bitcoin-as-payment/

The Vietnamese government banned bitcoins. but as far as I know from a friend in vietnam. He said many people are still investing in bitcoin even though it was banned. I think the Vietnamese government forbids bitcoin. but will not affect the price of bitcoin