Bitcoin in Vietnam

[GeorgiyBilyk]

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!

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[nussy]

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

[redrose8226]

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.

[Uyiosarugue1]

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

[26Elzzza26]

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

[painkiller321]

"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.
"

[cryptogalaxy789]

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.

[dark1234]

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.

[DanielJacob]

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.

[AllenTurner]

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.

[JennetCK]

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.

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.

[Nguyen Anh Quan]

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

[beniesyde]

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.

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.

[sdipmlrp]

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.

[Joecooper85]

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.

[dFRGOLDMEN]

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

[Ava Duvall]

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

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

[adnandanish102]

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.

[tranquyen123456]

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

[Courtneyha]

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.