Vietnam bans use of Bitcoin

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Graphic1The government and the State Bank of Vietnam do not recognise Bitcoin as a means of payment in the territories of Vietnam, a release by Vietnam’s Authority of Foreign Information Service said on February 14, adding that the country’s currency, the dong, remains the only means of payment.

The State Bank of Vietnam has sent an official note to the government warning about the risks of Bitcoin transactions and affirmed that the government does not recognise and allow Bitcoin for transactions and is not responsible to resolve disputes relating to the Bitcoin transactions.

The release said that documents show that the use of Bitcoin can cause “a lot of negative impacts, say, the failure of control by the functional agencies, thus creating an environment of operation for all kinds of crimes with a lot of hidden risks for the Bitcoin users”.

The State Bank of Vietnam argued further that “it can cause negative impacts on the economies of countries in particular and on the economy of the world in general, causing losses in collecting taxes, and, in the long term, it is possible to form an asset bubble for speculations and price hikes; the policies of the countries will be considerable affected, thus impacting the people’s confidence in the government.”

The bank, however, also said that it will “study” the digital currency and a report will be delivered to the country’s Prime Minister Nguyen Tan Dung later this month. Conclusions drawn from said report will paint the long-term picture regarding Bitcoin’s legality in Vietnam.

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Reading Time: 1 minute

The government and the State Bank of Vietnam do not recognise Bitcoin as a means of payment in the territories of Vietnam, a release by Vietnam’s Authority of Foreign Information Service said on February 14, adding that the country’s currency, the dong, remains the only means of payment.

Reading Time: 1 minute

Graphic1The government and the State Bank of Vietnam do not recognise Bitcoin as a means of payment in the territories of Vietnam, a release by Vietnam’s Authority of Foreign Information Service said on February 14, adding that the country’s currency, the dong, remains the only means of payment.

The State Bank of Vietnam has sent an official note to the government warning about the risks of Bitcoin transactions and affirmed that the government does not recognise and allow Bitcoin for transactions and is not responsible to resolve disputes relating to the Bitcoin transactions.

The release said that documents show that the use of Bitcoin can cause “a lot of negative impacts, say, the failure of control by the functional agencies, thus creating an environment of operation for all kinds of crimes with a lot of hidden risks for the Bitcoin users”.

The State Bank of Vietnam argued further that “it can cause negative impacts on the economies of countries in particular and on the economy of the world in general, causing losses in collecting taxes, and, in the long term, it is possible to form an asset bubble for speculations and price hikes; the policies of the countries will be considerable affected, thus impacting the people’s confidence in the government.”

The bank, however, also said that it will “study” the digital currency and a report will be delivered to the country’s Prime Minister Nguyen Tan Dung later this month. Conclusions drawn from said report will paint the long-term picture regarding Bitcoin’s legality in Vietnam.

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