Bitcoin in Vietnam

[Edgarroni]

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.

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[mk4]

Old news.

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

[haruharu732]

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.

[draacubile328]

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.

[zxrcoin]

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.

[wormgummy019]

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.

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.

[charlotte04]

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 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.

[R. Hasan]

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.

[bangkecol]

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

[BounderbyMAX]

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.

[Olga Khan]

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.

[btCHOOop]

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.

[112tigra112]

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.

[killerfrost]

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.

[Monica88Fowler]

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.

[AlaskaChaga]

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

[MelissaPhillips733]

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.

[phanquan5111994]

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 !!!

[mmo4me.2016]

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.

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!

[coinwizard_]

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