Vietnam ‘banned’ Bitcoin

The State Bank of Vietnam announced today that the use of Bitcoin and similar virtual currency would be subject to fines of VND 150 million to VND 200 million.

The bank’s statement states that “Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam”, the issuance, provision and use of them as a means of payment are ” prohibited behavior in Vietnam “.

The notice also leads to a government decree stipulating non-cash payment instruments used in payment transactions, including: checks, payment orders, payment orders, collection orders, bank cards Goods and other payment instruments as prescribed by the State Bank.

It owns, sells, uses Bitcoin and other similar virtual currency as a potentially risky asset to the public and is not protected by law. ”

In addition to being fined hundreds of millions of dollars, users of virtual money such as Bitcoin can be prosecuted under the Penal Code from January 1,

The value of Bitcoin has increased drastically over time.

The document issued by the State Bank of Vietnam comes shortly after the announcement by FPT University of accepting students to pay tuition fees by Bitcoin.

Tuoi Tre newspaper reported that the start of the pilot test of this virtual currency was a feasible solution for many foreign students studying at the university.

After the ban, Le Truong Tung, chairman of FPT University, was quoted by the newspaper as saying, “Bitcoin is a technological, financial and commodity phenomenon that human resource training schools for the Industrial Revolution 4.0 must Targeted as a research object. ”

“In the face of a world trend that I do not allow for anything, it’s a matter for me,” said Dr. Le Dang Doanh, PhD.

Bitcoin is now considered a popular virtual currency in the world and has risen sharply in recent years.

As noted by https://coinmarketcap.com, the value of this virtual currency on October 29 is $ 5946 / Bitcoin.

Prior to Vietnam, some countries have also banned transactions with this prevalent currency, including China.

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