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Author Topic: Vietnam either bans BTC or issues advisory about it.  (Read 538 times)
Okilo
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February 28, 2014, 04:24:34 PM
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http://translate.googleusercontent.com/translate_c?depth=1&nv=1&rurl=translate.google.com&sl=auto&tl=en&u=http://tuoitre.vn/Kinh-te/595829/ngan-hang-nha-nuoc-canh-bao%25C2%25A0tien-ao-bitcoin-khong-hop-phap.html&usg=ALkJrhiIGnRzMlSSmCbwA7Jdk22p_TzIuA

http://www.pfhub.com/vietnam-officially-bans-all-bitcoin-transactions-424/

Discuss.

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February 28, 2014, 04:27:14 PM
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Vietnam is a dead end state with a dead end economy.  It is a non event.  The success of Bitcoin on the global stage is going to be defined by the actions of the major economies and Vietnam isn't even in the top 50. 
Okilo
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February 28, 2014, 04:31:08 PM
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Vietnam is a dead end state with a dead end economy.  It is a non event.  The success of Bitcoin on the global stage is going to be defined by the actions of the major economies and Vietnam isn't even in the top 50. 

I disagree. While they aren't a major player, they still have people willing to buy/trade/sell in btc. Taking away the market still makes a small dent.

Additionally, I'm not sure if it is really banned or not. I was hoping someone could shed some light.

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February 28, 2014, 05:53:49 PM
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Vietnam is a dead end state with a dead end economy.  It is a non event.  The success of Bitcoin on the global stage is going to be defined by the actions of the major economies and Vietnam isn't even in the top 50. 

In terms of the markets, I agree.

But in terms of adoption of Bitcoins, and Crypto-currencies in general, and increasing it's global prevalence and penetration, I think garnering its use in countries where it is already cost-prohibitive and difficult to send money (having to use services like WU and Bank-Transfers with even more corrupt banks) would behoove the community.

For a lot of these countries, a lot of their ex-pats are living in countries with major economies but have significant amount of family in their country of birth. Taking a two-prong approach in convincing people in both countries goes a go a long way in the adoption of Bitcoin.
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February 28, 2014, 06:03:31 PM
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If you guys havent known yet..... Vietnam is more or less China's bitch. Their policy is actually exactly tied with China's. Hence they treat bitcoin exactly how Chinese Goverment stated " no financial institutions can use bitcoin, dont blantly say bitcoin is illegal, just not legal tender,.... and warn ppl not to trade bitcoins as its risky"

EXACT WORDS for WORDS from China state bank.

Vietnam can be arguably just a colony of China.
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February 28, 2014, 06:25:12 PM
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If you guys havent known yet..... Vietnam is more or less China's bitch. Their policy is actually exactly tied with China's. Hence they treat bitcoin exactly how Chinese Goverment stated " no financial institutions can use bitcoin, dont blantly say bitcoin is illegal, just not legal tender,.... and warn ppl not to trade bitcoins as its risky"

EXACT WORDS for WORDS from China state bank.

Vietnam can be arguably just a colony of China.

In terms of political policy, this is very true.

But a lot of people in Vietnam are loathe regarding that relation. (Hence the move to other countries.) But they still want to provide for family in their home country and that's what they try to do when they visit. Sure it's unsavory to receive money from family residing in another country, but they'll always do that.
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February 28, 2014, 08:54:06 PM
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What vietnam says about Bitcoin is virtually irrelevant at this point.
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February 28, 2014, 09:35:08 PM
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MT GOX will show the world in a no fraud fractional Banking reserve system, the bankers will overnight like Mt GOX.

Since Traditional Bank digits can create at will, the Bank integrity is preserve at the highest level and that is why the smartest one steal from the top with the most corrupted never get caught.  And the rich get richer, money make money ponzi continues.  Vietnam has not yet taste the fractional reserve banking system and they wish they can be the next China with same system before the music stop.
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