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State Bank of Vietnam bans cryptocurrencies

30 Octobre 2017

The State Bank of Vietnam (SBV), the country's central bank, has issued a notice declaring that bitcoin and other cryptocurrencies are not considered legal payment methods.

The State Bank of Vietnam issued a statement saying "Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam".

Based on the new legal framework, the issuance, supply, and use of bitcoin and other similar cryptocurrencies as a means of payment is a prohibited activity in Vietnam.

There is no explanation as to why the bank chose to do this, and it does not mention blockchain as a technology, nor does it mention anything about mining.

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The Bank says conventional payment systems, including cheques, payment orders or credit cards are valid. Nearly the same news broke out three years ago, in April 2014.

Bitcoin along with other cryptocurrencies is facing various challenges from different nations like crackdown in China and development of local cryptocurrency in Russian Federation.

The president of Vietnam's FPT University, Le Truong Tung, told Bitcoin News that the Bank believed that if Bitcoin is accepted "it will be hard to control: tax evasion, illegal transfers, payments, financing of illegal transactions will arise and thus state management of money, the economy will become very complex".

State Bank of Vietnam bans cryptocurrencies