Bitcoin in Vietnam

[oppasong]

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.

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[LeadHenry]

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.

[Juggy777]

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.

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.

[CryptoGamblingSites]

This is old news, anytime a country bans bitcoin (like Vietnam is attempting), we just post articles like where to buy bitcoin in Vietnam to point out the anonymous exchanges like Bisq, LocalBitcoins and Paxful that can still be used by people there.

[Ava Duvall]

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.

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.

[DavidEdward]

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.

[Supple Giants]

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.

[Found bt]

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.

[deadcomeback]

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

[Gravityle]

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.

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.

[Gururapyco]

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.

[CAPTEZECC]

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.

[Phan Long]

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.

[overst]

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.

[Hudadahuda2018]

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.

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.

[babarian]

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 have long heard about this news, I have read it on one website, if you quote this news from the website I suggest that you embed the website address

[marlo1001]

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 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.

[iMaster]

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.

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.

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

[worldtraveller505]

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.

[cryptocoinshunter007]

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.