Topic: Bitcoin in Vietnam - page 4. (Read 571 times)
Before Vietnam, there were also some countries banned from Bitcoin and some other electronic currencies, including China. As far as I know, if you are in the territory of Vietnam, use only one currency to trade Vietnam dong.
recently vietnam banned and consider bitcoin as illegal. the popularity of bitcoin are rising up day by day. hopefully than the government will understand their fault.
Its a big mistake , it's basically banning the the internet. But those who will ant to use bitcoin and other cryptocurrencies will find a way, thats a fact.
This is old news, anytime a country bans bitcoin (like Vietnam is attempting), we just post articles like where to buy bitcoin in Vietnam to point out the anonymous exchanges like Bisq, LocalBitcoins and Paxful that can still be used by people there.
Starting 2018, using cryptocurrencies like Bitcoin in Vietnam will be illegal and subject to a $9,000 fine
The State Bank of Vietnam (SBV) has amended its monetary regulations to make Bitcoin and similar virtual currencies illegal. In an announcement revealed today – it is now illegal to issue, supply or otherwise use Bitcoin because it has been designated as an illegal means of payment. The SBV notice clarified that the only officially accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards as well as any other payment instruments approved by the State Bank. The move against cryptocurrencies follows similar bans on centralized virtual currencies, often used for gaming or gambling, as well.
While no other altcoins like ZCash, Ethereum, Litecoin, Ripple, and others are specifically named, it’s pretty clear that Vietnam is also considering these other cryptocurrencies to be illegal means of payment, as well. What’s the penalty for using illegal means of payment? 150 million to 200 million VN – which translates to roughly $9,000 USD.
The State Bank of Vietnam (SBV) has amended its monetary regulations to make Bitcoin and similar virtual currencies illegal. In an announcement revealed today – it is now illegal to issue, supply or otherwise use Bitcoin because it has been designated as an illegal means of payment. The SBV notice clarified that the only officially accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards as well as any other payment instruments approved by the State Bank. The move against cryptocurrencies follows similar bans on centralized virtual currencies, often used for gaming or gambling, as well.
While no other altcoins like ZCash, Ethereum, Litecoin, Ripple, and others are specifically named, it’s pretty clear that Vietnam is also considering these other cryptocurrencies to be illegal means of payment, as well. What’s the penalty for using illegal means of payment? 150 million to 200 million VN – which translates to roughly $9,000 USD.
This is a typical news which we're seeing in many countries, if you have been observant all these countries will deem bitcoins and cryptos illegal but they'll feel shy to officially ban it.
Now let's take Vietnam case, there is absolutely nothing to be worried about, unlike fiat currency bitcoin cannot be bound within a particular border, the citizens of Vietnam can freely buy and sell it in different countries and can accept alternate payments.
As bitcoins can't be traded, only the exchanges if any will be effected as they would have to disclose their incomes, otherwise the general public won't be effected as there is no mechanism to track whose the seller and buyer of bitcoins.
There're sites like local bitcoins which will help people, buy and sell however one should do a due diligence of the seller and buyer.
The State Bank has issued a notice saying: Bitcoin and electronic money are not considered as means of payment. The issuance, supply and use of Bitcoin and other similar virtual currency as a means of payment are prohibited in Vietnam.
maybe in Vietnam, Bitcoin is not accepted due to fear that it will happen, such as money laundering and criminal acts, but for transactions in Vietnam, it is still permitted because Vietnam is also one of the most crypto users today.
The news is very old and we’re already at the Q4 of 2018. Try to stay updated and check the forum before posting anything. Although bitcoin has been banned in Vietnam doesn’t mean people can’t own them secretly. Maybe after a few years Vietnam will consider accepting cryptos. No matter how many rules they make, there will always be hodlers among the people.
I don't think they can physically ban bitcoin, all they can do is prevent banks from using it. With vpn technology and decentralised exchanges they can do it without government knowing about it
recently vietnam banned and consider bitcoin as illegal. the popularity of bitcoin are rising up day by day. hopefully than the government will understand their fault.
Vietnam has not banned Bitcoin and altcoin but does not support the use of digital money!It takes more time for this to change!
I hope 2020 will be true!
What?
Information is unexpected !!!
I do not know if that is true or not, but it's a bad thing !!!
Maybe this is a government error about this !!!
Previously allowed and installed 5 ATMs in Ho Chi Minh City !!!
Can not understand the reason why now banned !!!
Information is unexpected !!!
I do not know if that is true or not, but it's a bad thing !!!
Maybe this is a government error about this !!!
Previously allowed and installed 5 ATMs in Ho Chi Minh City !!!
Can not understand the reason why now banned !!!
Yes, the Bank of Vietnam has issued a Bitcoin Virtual Currency Prohibition in payment transactions. If in the territory of Vietnam, only one Vietnamese currency for trading. Therefore, Bitcoin electronic money (BTC) will be banned in Vietnam. Beginning in 2018, if units, organizations, and individuals use Bitcoin virtual currency in transactions, the sale will be fined from 150 million to 200 million. The heavier person may also be prosecuted for criminal liability.
Has this forum been taken over by East Indian bots or something?
The State Bank sends a press release to confirm that Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam.
The issuance, supply, use of Bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.
The issuance, supply, use of Bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.
Bitcoin and other official virtual currencies are not recognized by the State Bank of Vietnam from the date of entry into 2018. This is a valid decision made by the executing agency and applied throughout the entire Vietnamese territory. This is a bad news for all electronic money investors.
In my opinion if I understood that right this is completely awesome and it also shows us that cryptocurrencies having enough potential and power to conceive anybody that it is trustworthy itself, and reliable to use it.
In the early 2018, it was assumed that Vietnam will allow bitcoin as a means of transaction and allow the virtual currency in the country. But the recent news show that the State Bank of Vietnam (SBV) has declared the bitcoin illegal to use and strict action will be taken against them who will find to use this coin.
Situation of bitcoin is not very easy in Vietnam. The State Bank of Vietnam (SBV) has issued new law against bitcoin and has declared it as illegal for transaction in the country. If anyone found using this coin he/ she will be fined by the Govt.
It is becoming a horrifying year for bitcoin. Recently Vietnam has declared Bitcoin as illegal in the country and no transaction will be made by the digital currency. The Govt. will take strong against the users of the bitcoins.
in my opinion, this only delimits where bitcoin is a means of payment in Vietnam, but for its own use, it's fine. this is the same as in my country where bitcoin is not allowed as a payment instrument. This is because it violates the law of state finances. However, if it is made as an asset it is not a problem
it's recent news vietnam banned bitcoin is illegal.but day by day bitcoin rising up.and the government showing this.hopefully government will permit bitcoin.and that will be a great news.
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