Using virtual currency in Vietnam can be prosecuted for criminal liability

hoabien780

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Quote from: rontme on February 01, 2018, 03:24:49 AM

Vietnam prohibits the distribution, supply, use of bitcoin and other similar virtual currencies as payment methods. The distribution, supply and use of illegal means of payment (including bitcoin and other similar virtual currencies) will be subject to administrative penalties ranging from 150 million to 200 million.

since 2018, the release behavior, supply and use of means of payment not legally (including the virtual currency Bitcoin and other similar) can be fined from 50,000,000 to 300,000. VND or imprisonment from 6 months to 3 years according to the provisions at Point h, Clause 1, Article 206 of the Penal Code 2015 (amended and supplemented in 2017).

rontme

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Vietnam prohibits the distribution, supply, use of bitcoin and other similar virtual currencies as payment methods. The distribution, supply and use of illegal means of payment (including bitcoin and other similar virtual currencies) will be subject to administrative penalties ranging from 150 million to 200 million.

cryptowizze

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lots of things are illegal, it just strengthens their market over time.

legenduim

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Quote from: TennisQ8 on January 30, 2018, 11:47:47 AM

As from January 1, 2018 the act of issuing, supplying and using illegal means of payment, including bitcoin and other similar virtual currencies can be prosecuted for criminal liability in Vietnam. Information to users of bitcoin in Vietnam note. Undecided

In reality this is very sad. It can affect many people and the market. Some Asian crypto dealers will start selling their coins urgently, and the market will be going down further. The good thing is that the majority of the countries do not make these restrictions.

nhieutam2008

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Quote from: michael shikany on January 31, 2018, 04:34:30 AM

Quote from: Denies on January 31, 2018, 04:29:18 AM

I'm not surprised with news like this. although this story is not necessarily true. what happened in Asia, I do not feel surprised. especially in developing countries or the denser population. instead of using that can lead to crime, in fact their officials are corrupt. this is actually a polemic in Asia.

Yes, I quite agree with you.
Indeed, official corruption in Asian countries is common, and officials can move their assets to the country at will through cryptocurrency.
I think this is something that Asian countries don't allow, so they reject encrypted cryptocurrency.

I agree with you
Laws in Asian countries is not complete as developed countries. Their technology and laws are not enough to manage virtual currency transactions. There is a risk of money laundering or delinquent transactions

bug.lady

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Quote from: TennisQ8 on January 31, 2018, 03:50:37 AM

Quote from: Triple on January 30, 2018, 11:48:46 AM

What the heck, are you serious?

Can you provide a link with this information? I'm interested in reading the full article and seeing exactly what Vietnam has in mind when they want to crack down so harshly on crypto users....

Yes, I'm serious. you can consult under the following link.
http://cafef.vn/tu-1-1-2018-lien-quan-toi-bitcoin-se-bi-xu-phat-ra-sao-20171230111120909.chn
http://vietnamnet.vn/vn/kinh-doanh/tai-chinh/tu-1-1-2018-dung-bitcoin-thanh-toan-bi-di-tu-3-nam-419033.html
This is Vietnamese website, you can google translate into english.

I find it surprising that they introduce measures like this. One would expect they try to tax it rather than ban it. Taxing would at least give them a piece of the cake others are eating, but banning "cakes" completely makes no sense.

Or maybe it is just a temporary measure. Like China did many times. You know, they ban it to buy some time to figure out how to tax it. This would be my interpretation and hope.

Jaron80

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That makes more sense

Nahl

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according to this site https://cointelegraph.com/news/vietnam-bans-bitcoin-payments-global-markets-unfazed
following to my country Indonesia then Vietnam banning bitcoin since last year but because Vietnam didn’t contribute too much to the overall trading volume this news only slightly effect for bitcoin price so nothing to worried about that

piterpie

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Quote from: TennisQ8 on January 30, 2018, 11:47:47 AM

As from January 1, 2018 the act of issuing, supplying and using illegal means of payment, including bitcoin and other similar virtual currencies can be prosecuted for criminal liability in Vietnam. Information to users of bitcoin in Vietnam note. Undecided

I do not think that countries that banned Bitcoin or a virtual currency can say their government has banned the use of virtual money, but you know that those countries still have a lot of participants. By Bitcoin, it may be illegal but beneficial for people using virtual currency

michael shikany

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The Experience Layer of the Decentralized Internet

Quote from: Denies on January 31, 2018, 04:29:18 AM

I'm not surprised with news like this. although this story is not necessarily true. what happened in Asia, I do not feel surprised. especially in developing countries or the denser population. instead of using that can lead to crime, in fact their officials are corrupt. this is actually a polemic in Asia.

Yes, I quite agree with you.
Indeed, official corruption in Asian countries is common, and officials can move their assets to the country at will through cryptocurrency.
I think this is something that Asian countries don't allow, so they reject encrypted cryptocurrency.

Denies

full member

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I'm not surprised with news like this. although this story is not necessarily true. what happened in Asia, I do not feel surprised. especially in developing countries or the denser population. instead of using that can lead to crime, in fact their officials are corrupt. this is actually a polemic in Asia.

Rules85

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That's really bad news.
So that means bitcoin can't be traded properly in Vietnam, but I'm curious about a question, how does the government track bitcoin transactions? How do it capture?

Pasadoble

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Quote from: TennisQ8 on January 31, 2018, 03:50:37 AM

Quote from: Triple on January 30, 2018, 11:48:46 AM

What the heck, are you serious?

Can you provide a link with this information? I'm interested in reading the full article and seeing exactly what Vietnam has in mind when they want to crack down so harshly on crypto users....

Yes, I'm serious. you can consult under the following link.
http://cafef.vn/tu-1-1-2018-lien-quan-toi-bitcoin-se-bi-xu-phat-ra-sao-20171230111120909.chn
http://vietnamnet.vn/vn/kinh-doanh/tai-chinh/tu-1-1-2018-dung-bitcoin-thanh-toan-bi-di-tu-3-nam-419033.html
This is Vietnamese website, you can google translate into english.

:/ some countries are becoming really radical. Banning and regulation of crypto have some reasons that we can understand somehow, but making it criminal it is too much.

TennisQ8

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Quote from: Triple on January 30, 2018, 11:48:46 AM

What the heck, are you serious?

Can you provide a link with this information? I'm interested in reading the full article and seeing exactly what Vietnam has in mind when they want to crack down so harshly on crypto users....

Yes, I'm serious. you can consult under the following link.
http://cafef.vn/tu-1-1-2018-lien-quan-toi-bitcoin-se-bi-xu-phat-ra-sao-20171230111120909.chn
http://vietnamnet.vn/vn/kinh-doanh/tai-chinh/tu-1-1-2018-dung-bitcoin-thanh-toan-bi-di-tu-3-nam-419033.html
This is Vietnamese website, you can google translate into english.

Triple

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What the heck, are you serious?

Can you provide a link with this information? I'm interested in reading the full article and seeing exactly what Vietnam has in mind when they want to crack down so harshly on crypto users....

TennisQ8

newbie

Activity: 12

Merit: 0

As from January 1, 2018 the act of issuing, supplying and using illegal means of payment, including bitcoin and other similar virtual currencies can be prosecuted for criminal liability in Vietnam. Information to users of bitcoin in Vietnam note. Undecided

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