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://igeenglish.com/
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.
Topic: Bitcoin ban violation could carry a 10K$ fine (Read 912 times)
bitcoin will not get much acceptance in countries like Vietnam and China, because in these countries their governments control everything, they want to have total control over their people
I doubt that China will accept bitcoin
Meanwhile, the Indian bank is still not friendly with bitcoin
Reserve Bank of India Anticipates Shift to P2P Crypto Trading
I believe in near future all countries will accept bitcoin and it will become global currency.
I doubt that China will accept bitcoin
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.
Meanwhile, the Indian bank is still not friendly with bitcoin
Reserve Bank of India Anticipates Shift to P2P Crypto Trading
The goal is so, every bank (I guess the bank is fully regulated by the government) will look for many ways so that bitcoin cannot develop in its country. I'm sure bitcoin won't take a long time to gain great popularity when a country provides a regulation for bitcoin. The function of bitcoin is very broad, not just as a digital currency or payment system. So it is appropriate for countries that do not want to take a big risk to receive bitcoin used as a legal currency in their country. In general, countries that reject the use of bitcoin are developing countries, they are still closed to new technologies related to the economy.
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
Excerpts from:
https://vietnamnews.vn/economy/business-beat/463624/calls-again-for-scrapping-credit-growth-limits-for-banks.html#X4jxEAAsFx9O4jk0.97
I don't think that it's logical at all, nor is it going to be effective.
Serious bitcoin traders with international connections are most likely going to continue to trade no matter what the policy is. A $10k fine is unlikely to deter anyone from trying to access, use, and trade bitcoin.
Also, banning bitcoin essentially means missing out on tons of government revenue if the crypto industry was to be legalised, and regulated. This is probably not as well thought out. It's understandable though that they'd want to continue to assert their control over the economy, which may be the reason why this ban exists, but there are still plenty of other ways for capital to flow out of their country without the need of bitcoin whatsoever. It's not like bitcoin is anywhere near being significant as a tool for people to carry funds out of the country, especially in countries with low adoption like Vietnam.
If we are a normal investors who is just want tant to invest our savings amount from the salary on to the bitcoin will not get into the eyes on those governments because they only notice the of big amount of transfers with the citizen but you still can send the money without using the banks so if you want to invest on bitcoin even if you are from restricted place you have the chance to do it but risky though.
From my limited understanding of the situation, it looks like using Bitcoin as a payment medium is a punishable offense, but holding coins is not illegal. There may be some loophole. What if a Vietnamese national travels to Singapore and converts his coins to SGD there?
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.
Such methods apply only those countries in which a weak national currency or not a real market economy. That is, the states in this case are afraid that people will translate. money to other states, and sometimes they themselves will go there after them. Therefore, it is easier for them to operate with the usual and customary for them administrative methods.
Many countries do not understand that bitcoin can help not only people, but the state too, if they start to extract them.
Quote
The issuance, supply and use of Bitcoin and other virtual money are prohibited
Oh no! That was a terrible news for our Vietnamese crypto friends out there. I can't see any loopholes from this to be honest because I think using exchanges for converting crypto to fiat (Vietnames Dong) won't work because the bottomline, you are using crypto. Well, much safer if you will now stop using btc if that's the case or else you will be fined by a large amount of money, because if you insist and get caught, the profits you generated from crypto might be not enough to pay the fine — so inefficient.
I don't know the local equivalent of that $10k to their currency but I'm certainly sure that that an average Viet trader cannot afford to pay that fine. Looks like their country is very serious to prohibit the use of bitcoin so their citizens should migrate to another country if they really want.
I think there is no reason to worry about it because Bitcoin is the global digital currency. In anytime, anywhere in the world and anyone can transition or trade through through this mighty platform.
In all cases you are wrong and the government is right because they make the rules and bend them at will, especially if they don't like the way you conduct business or speak out against them publicly. That's how things have been happening in China for years and to a certain degree also happen in Russia. In other words, the lack of clarity means more power to the governments, and that directly translates into suppression.
I agree. It's scary, and I'd say it's a really good thing that there doesn't seem to be much news about governments abusing cryptocurrency regulatory ambiguity. For this case specifically, they do seem to be trying to develop a framework:
https://vietnamnews.vn/economy/420644/vn-needs-cryptocurrency-laws.html#yJkWth4dtkQxKyvr.97
...but that's the latest update and that was 7 months ago, so the Vietnamese crypto community still needs to take extra care of their activities.
The State Bank of Viet name has reiterated that the ban on bitcoin was still effective and that offenders could be fined to the tune of 10,000$ ,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
Excerpts from:
https://vietnamnews.vn/economy/business-beat/463624/calls-again-for-scrapping-credit-growth-limits-for-banks.html#X4jxEAAsFx9O4jk0.97
Whenever government release a set of rules, its sure to come along with punishment for anyone who flout the judgement as it is the same in every law enacted by government. In tax laws for example there is always the punishment of prison sentence but over here since the beginning of time, I have not seen anyone committed to prison because of that the worse that have ever happened is the payment of fines. In this case, one thing is sure, they cannot stop bitcoin or its use, the onus is then on the users in that part of the world to protect themselves by not unnecessarily exposing themselves to the eyes of the law because when one person is caught, he will be surely made as an example for others.
I think that The Vietnamese government's action against Bitcoin would not affect in the crypto market widely. Because bitcoin is being operated globally.
It just show how desperate their banks to ban Bitcoin from their country but Bitcoin is not that limited to any banks. It could be use globally and they have to do is to exchange their Bitcoin to any money that can be converted to their fiat currency and the problem solved.
Without insisting to their banks that Bitcoin is a kind of cashless form of whatever they think it is because technically they don't know what Bitcoin is, don't they?
Without insisting to their banks that Bitcoin is a kind of cashless form of whatever they think it is because technically they don't know what Bitcoin is, don't they?
The coin is not banned entirely. It was banned, that it bitcoins are banned to be used as a fiat. So, if you are in Vietnam, you cannot covert it into fiat.
Nothing to worry because within a few days Vietnami people will get it safe I guess. Digital currency is a big market so such events can occasionally rotate in. I hope that the problem will be solved within a short time.
This is sad to see that the banks are so reluctant to get associated with this currency given it is so popular and countries like Switzerland are so open to it.
I think Vietnam has a much more worse condition compared to India as it still allows cryptocurrency trading as well as they have their own local crypto exchanges while here in Vietnam they suddenly prohibited mining as well as trading. I remembered that I have read a news report about the government confiscating imported mining equipment for some mining corporations both locally and foreign miners sad to say that the ones who are mining in Vietnam is in a lot of trouble with this legal changes.
That's not a good news. There are many countries in the world that has banned Bitcoin and has an anti-crypto mentality. Probably, they fear that Bitcoin and cryptocurrency might replace them in future.
Jump to: