[2017-10-31] Vietnam's Central Bank Announces Ban on Bitcoin Payments

[tyz]

Vietnam's central bank is prohibiting the use of bitcoin and other cryptocurrencies in payments.

According to an Oct. 30 statement, the State Bank of Vietnam said that cryptocurrencies are not a "lawful means of payment" in the country, and the "issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited."

From next year, it goes on, illegal use of cryptocurrencies in payments will be subject to penalties of between 150 million ($6,600) and 200 million ($8,800) Vietnamese dong (VND).

https://www.coindesk.com/vietnams-central-bank-announces-ban-on-bitcoin-payments/

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[iamTom123]

Whoa...what a penalty to have been involved with Bitcoin in Vietnam! This decision on the part of their Central Bank is a very unfortunate one...maybe they did not also listen to some people who are more knowledgeable on how to take advantage of this great opportunity which can somehow help a country's economy. They should have followed the framework established by Japan and not listen to what China did last month.

Anyway, we have to respect the decision of Vietnam's Central Bank on this matter. I heard that there are now a good number of people who are also into cryptocurrencies in Vietnam and with this development they can be forced to go underground until such time that this decision can be reversed. Sad but there is nothing we can do here expect to hope that one day the right time can be coming for the Vietnam market. 

Vietnam will never be a big loss to Bitcoin but it is the other way around!

[BitHodler]

Clear sign of how the government there isn't able to come up with proper regulations to at least keep some sort of control. This was typically the sort of news that some years ago could get the market to plummet significantly.

At this point it's safe to say that the market has not only matured, but also learned to deal with certain happenings accordingly. China however remains a sensitive spot that has still a certain level of impact on the market.

One thing that becomes more and more clear, is how divided the Asian continent is when it comes to crypto in general. I am glad that not every country there has a similar view and ideology.

[InvoKing]

This move from the Vietnamese central bank isn't successful at all and it will erase what was done for Bitcoin for years.
For example, this institution will be forced to stop accepting Bitcoin as a method of payment

News source VietnamPlus said that FTP University in Hanoi, which recently announced it would allow students to pay for tuition in bitcoin, could now be forced to reverse that decision.

These socialists!