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.
Topic: Bitcoin ban violation could carry a 10K$ fine - page 3. (Read 912 times)
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.
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?
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?
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
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