Vietnam: Bitcoin transactions not allowed according to the Vietnamese government

[saigon]

Vietnam.vn official link: http://en.vietnam.vn/Spotlightview/No-Transaction-In-Bitcoin-Is-Allowed-In-Vietnam.html

The Government and the State Bank of Vietnam do not recognize Bitcoin as a means of payment in the territories of Vietnam.

According to the State Bank of Vietnam, as stipulated by the Law, only Vietnam đồng (Vietnam currency) is used in the territories of Vietnam as a means of payment. That is why, the Government and the State Bank of Vietnam do not recognize Bitcoin as a means of payment in the whole territories of Vietnam.

No transaction in Bitcoin is allowed in Vietnam

The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactions and affirming that the Vietnamese Government does not recognize and allow the Bitcoin using transactions and is not responsible to resolve the arising disputes relating to the Bitcoin using transactions. At the same time, the State Bank of Vietnam will enhance the study and formulate the stipulations on managing the activities in relation to the e-money and submit it to the Government for promulgation.

[Kluge]

"Vietnam: Bitcoin transactions now allowed according to the Vietnamese government"

"No transaction in Bitcoin is allowed in Vietnam"

[5thStreetResearch]

the US dollar or any other means of payment would also be disallowed as per this wording

[saigon]

Huge typo in the title has been fixed.

[Bitcoinpro]

Saigon is a scammer,

IT SAYS they will not protect your funds and they are looking into the implementation of Crypto's

[deliciousham]

took them forever to accept macdonalds, I believe they'll start accepting bitcoin in 2050

[chaosPT]

They are worry about weapon and drug are using bitcoin

[virtualmaster]

Even if the article is correct it is lacking details.
Probably the situation is comparable with China where the only official currency is the Chinese Yuan but you may still exchange other currencies to the local currency.
But may be it is even less restrictive and it is only prohibited for the bank to use Bitcoin as payment.
Sometimes people and institutions are trying to appear more important then they are. Does it have the Central Bank the legal authority to prohibit if a hotel is accepting Bitcoins or potatoes as payment ?

[brokenchair]

Honestly I wouldn't worry about a country like Vietnam
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
They are ranked 134
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
They are ranked 55

It means the Vietnamese guy has 97101 less international dollars than the Luxembourg guy to use.
It means that it would take 104 Vietnams to equal the potential money that would come from the US.

Not saying this is good news nor am I trying to insult Vietnam, just saying it is not even close to being a country that can make or break bitcoin.
 

[DeathProxy]

How do they supposed to stop a bitcoin transactions? They don't understand bitcoin, they have no power to stop it.

[LiteCoinGuy]

Litecoin then.

  iam pretty sure. at least they dont mention Litecoin, so it should be okay

[2double0]

How do they supposed to stop a bitcoin transactions? They don't understand bitcoin, they have no power to stop it.

Arresting those who send or receive bitcoins

[chinacoinbase]

official does not permit, but people still can buy from black market or offline market. the necessary requirement is here

[fendlestick]

Or they can buy from a territory from outside Vietnam, I don't actually think BTC is an actual currency anywhere, its more like a barter system, I'll give you this "thing" for whatever number of coins.  Like trading 5 chickens for a goat or your car for a boob job.

[UEC]

There options are accept it, ignore it, or say that they do not permit it.

Of all these options, the latter is the preferred stance for the Vietnamese govt.

[Bitcoinpro]

they hold a lot of gold cry babies at best

[BADecker]

How does a government completely go about blocking trade? In a person's home, between spouses and children, there are constantly trade-offs. "If you don't take your turn doing the dishes, find your own supper tonight." So, trade is constantly going on without the dong.

The only thing for the government to do is to take away all computers and smartphones, and move the country back into the dark ages forms of slavery. The people might not let them do this, especially if MaidSafe comes of age.

[saigon]

It means anybody who dares hold a lot of bitcoins or any company that dares try to do business in bitcoin will be at risk anytime the government decides to come for you. What recourse would you have?

[rebel24]

Economics.

Western countries, in general, where money flows to, like Bitcoin, like US, UK, Western countries.

Countries that dont like bitcoin (where investment money leaves, and flows to the west): China, India, Thailand, Vietnam, Russia, and probably most other countries where money flows out from


(and why is investment money leaving places like China, India, etc? because they are in a massive credit bubble, aka, their assets are overpriced while ours arent (like our real estate, which already crashed and is cheap-- their's is expensive as hell)

[Lethn]

How the hell are they going to enforce this? I can't wait to see what happens I wouldn't be surprised if the U.S and other countries watch this kind of thing so they can see if Bitcoin can actually be stopped.