Bitcoin ban violation could carry a 10K$ fine

[Osakrita]

The State Bank of Viet name has reiterated that the ban on bitcoin was still effective and that offenders could be fined to the tune of 10,000$ ,insisting that the only acceptable cashless forms of money remain the traditional cheques, wire transfers etc. In the light of growing adopting on bitcoin by a lot of countries, Is this an effective way for the Vietnamese bank to control cash in the economy or it stems from lack of understanding of the wonders of bitcoin? Opinion!

Excerpts from:
https://vietnamnews.vn/economy/business-beat/463624/calls-again-for-scrapping-credit-growth-limits-for-banks.html#X4jxEAAsFx9O4jk0.97

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[HabBear]

Is the state bank the only bank one can use in Vietnam? (Sorry for my ignorance)

Obviously Bitcoin exchanges are global, so you don't need to use a Vietnam based option. If a Vietnam resident and national can only use the bank of Vietnam they'll only need to set up a bank in another country to use to funnel their bitcoin purchases and sales.

More importantly...why do you want to sell your Bitcoin?

[o_e_l_e_o]

Are the banks really so scared of Bitcoin that they need to start fining people who want to use it? That screams of desperation on their part. Greed on top of greed. Maybe if they weren't so greedy in the first place, people wouldn't be scrambling for an alternative.

[jseverson]

I thought I'd clarify: Vietnam bans Bitcoin use as money, much like Indonesia does.

Also, this is not anti-crypto as much as it is just implementing their laws. Their only legal tender is the Vietnamese Dong and using everything else (USD, GBP, etc.) for transactions is illegal:

https://luatminhkhue.vn/en/circular/circular-no-32-2013-tt-nhnn-dated-december-26th-2013-of-the-state-bank-of-vietnam-on-guiding-the-implementation-of-regulations-on-restricting-the-use-of-foreign-exchange-within-the-territory-of-vietnam.aspx

Trading and holding is a little more of a gray area:

http://vietnamlawmagazine.vn/legality-of-cryptocurrencies-in-vietnam-remains-unclear-6170.html

It probably should be allowed, because AFAIK Bitcoin hasn't been legally classified as anything in Vietnam yet, but you never know how these rules could be implemented. Either way, I don't think they'd go as far as to prosecute individual holders and small traders for as long as they don't use them for payment.

[Sact]

The Vietnamese are not banned fro using the crypto, their banks are banned from transacting in the cryptos.

[RadiontLoss]

Many countries have imposed ban on bitcoin. Just because they can’t use it as a regular form of payment doesn’t mean they can’t buy in some other ways and hold for long term. Banks are just scared of bitcoin and also some countries fear that bitcoin might be used for money laundering.

[maichimoto]

The State Bank of Viet name has reiterated that the ban on bitcoin was still effective and that offenders could be fined to the tune of 10,000$ ,insisting that the only acceptable cashless forms of money remain the traditional cheques, wire transfers etc. In the light of growing adopting on bitcoin by a lot of countries, Is this an effective way for the Vietnamese bank to control cash in the economy or it stems from lack of understanding of the wonders of bitcoin? Opinion!

Excerpts from:
https://vietnamnews.vn/economy/business-beat/463624/calls-again-for-scrapping-credit-growth-limits-for-banks.html#X4jxEAAsFx9O4jk0.97

screw them. If you want to use bitcoin, you still can and they will never find out. That is very cool abour crypto. They can be threating with fines, but they wouldn't really know

[StringFire]

I think that it can be more harmful for the banking system of vietnam as it is already in crisis. The banks and govt should generate new ideas by giving bitcoin and other cryptos priority because people will soon adopt these as main form of transaction.

[petloer]

you know hearing this kinds of news is very upseting that the banks are being so unfriendly towards bitcoin, I am not sure why would they fine those who will use it but Ivan clearly assume that very soon the world will understand it importance

[Eatund79]

Are the banks extremely so frightened of Bitcoin that they have to begin fining individuals who need to utilize it? That shouts of franticness on their part. Eagerness over covetousness. Possibly on the off chance that they weren't so ravenous in any case, individuals wouldn't scramble for an option.

[1Referee]

It probably should be allowed, because AFAIK Bitcoin hasn't been legally classified as anything in Vietnam yet, but you never know how these rules could be implemented. Either way, I don't think they'd go as far as to prosecute individual holders and small traders for as long as they don't use them for payment.

The danger of governments not classifying assets and use cases is that it offers them way more freedom to blatantly prosecute individuals left and right.

In all cases you are wrong and the government is right because they make the rules and bend them at will, especially if they don't like the way you conduct business or speak out against them publicly. That's how things have been happening in China for years and to a certain degree also happen in Russia. In other words, the lack of clarity means more power to the governments, and that directly translates into suppression.

[WindowsRepuX]

What I know about vietnam's rules is that they have prohibited bitcoin in their country in term of payment. But if this happens this would not be good. I really don't get the point of refusing it as a payment method now they are talking about applying fine against it.

[Catesknee]

Bitcoin are world base digital currency. you can use it in whole world. it is more secure and potential. its transaction speed so fast and transaction fees are low. its most popular in the whole world. i think it's better from vietnam currency.

[WhiteCrown57]

Why you are thinking so much? There are many options you have. Bitcoin exchanges are global so you don’t need to be dependent only on Vietnamese banks. So nothing to worry about it.

[Youggairch]

bitcoin are popular and profitable in crypto world. it is world base currency. it makes transaction are easy and secure with increasing transparency. it service  are better than vietnam currency.

[marcbitcoins]

Are the banks really so scared of Bitcoin that they need to start fining people who want to use it? That screams of desperation on their part. Greed on top of greed. Maybe if they weren't so greedy in the first place, people wouldn't be scrambling for an alternative.

I think banks will always depend on government stands on Bitcoin legality that is why i wonder on why the banks are the one who will impose this huge penalty amount. Maybe this is applicable only to those bank clients that will engage in Bitcoin activities but this will not favor the banks because they will just make the people to stay away from the bank too if this is really a bank policy.

[VogueaNON]

Viatnam state bank why do this i don't know but that's expressed greed. But hope that's not able to felt a bad effect.

[coldplay3r30]

The State Bank of Viet name has reiterated that the ban on bitcoin was still effective and that offenders could be fined to the tune of 10,000$ ,insisting that the only acceptable cashless forms of money remain the traditional cheques, wire transfers etc. In the light of growing adopting on bitcoin by a lot of countries, Is this an effective way for the Vietnamese bank to control cash in the economy or it stems from lack of understanding of the wonders of bitcoin? Opinion!

Excerpts from:
https://vietnamnews.vn/economy/business-beat/463624/calls-again-for-scrapping-credit-growth-limits-for-banks.html#X4jxEAAsFx9O4jk0.97

the steps taken by the Vietnamese government may be temporarily accepted, but we must be aware that the decision of one party may be detrimental to many parties, and I think the big business actors will find it very difficult to accept

in addition to the need for a fast and secure amount of exchange a lot of currencies in one country cannot fulfill it, because one country's currency is usually only used in that country and is used only in traditional markets, but now the era has changed and the buying and selling system is online

so the government should start opening up with currency a new type of cryptocurency that is very safe and has a lot of convenience.

[Vengland]

Vietnam starting to fined them who used to  transect bitcoin. That's not a good news for them who are used to transect crypto from vietnam.

[FruitSprite]

Based on many things actually banks are against it but if we think about current situation then we can see Big bank like Switzerland bank is really positive about this currency.