The Oldest cryptocurrency exchange Bitcoin Vietnam Co. has got its domain name bitcoin.vn and is seized by Vietnamese Government. The ministry of Information and communication have concluded to fine the company 40 million VND for illegal social networking and setting up an illegal site.
Bitcoin Vietnam is a Ho Chi Minh City-based cryptocurrency exchange. It was released on July 9, 2014. Presently it is riveting an ordeal after threatening the government authorities for having “operating a blog without a proper license”.
Vietnam made it illegal to issue, distribute and utilize digital currency. It has come up with a law on 1st January 2018. Bitcoin Vietnam is still running its cryptocurrency exchange and now risked for prosecuting criminal liability.
Bitcoin Vietnam’s first disclosed its primary domain, bitcoin.vn. It is hastily suspended by VNNIC on March 6 as follows
“VNNIC shall suspend the operation of the domain name bitcoin.vn to be handled by the functional agencies according to the provisions of law. The suspension period is 45 days, from 15:00 on 05/03/2018”, said the agency’s statement.
Le Quang Tu DO’s statement
The operator tweet the document authorized by Le Quang Tu DO Vice Deputy of the Ministry as
“Under the provisions of Decree No. 96/2014/ND-CP dated 1b7 October 2014 on the administrative handling of monetary and banking activities, issuance, distribution and usage of illegal payment instruments (including bitcoin and other virtual currencies) will be subject to administrative penalties. At the same time as from 01/01/2018, the acts of issuing, distributing and using illegal payment mean as above shall be prosecuted for criminal liability under the Penal Code 2015 amended and supplemented in 2017.”
Penalized Exchange for violating rules
The Vietnam Radio, Television and Electronic Information Department of the Ministry of Information and Communications are fined Bitcoin Vietnam 15 million VND for running an illegal blog. It has also penalized 25 million VND for illegal social networking
The exchange is given a time slot of 10 days to follow the sanctioned statue. The domain is down and the exchange is currently operated under the Bitcoinvn.io domain.
The cryptocurrency environs of the country are blooming since few years. The decree is issued on October 30 by the State Bank of Vietnam. It is predicted that crypto assets are not a legal form of payment. The fines can move up to 200 million Dong for people breaching the government rules.