Vietnam bans use of Bitcoin

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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