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SBV: Cryptocurrencies are outlawed in the Vietnam Country

The Central bank of Vietnam has strictly prohibited the use of cryptocurrencies as a payment method in the Vietnam country.

After the orders released by the Vietnamese Prime minister, Nguyen Xuan Phuc, Vietnam’s central bank has set a legal framework for cryptocurrencies in the country.

In new notice which has been releases today states that, recognize exceptions among non-cash payment methods. It is approving by the authority including conventional payment mechanisms. Henceforth, Bitcoin is not deal as currency among them and it is ruling as a commodity of illegal payment.

A snippet from the central bank’s statement read:

“According to the provisions of the law, Bitcoin and other virtual currencies are not lawful means of payment in Vietnam. Since, the issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibites in Vietnam”.

The details still do not disclose any direct guidelines on cryptocurrency mining and it is uncertain if the “issuance and supply” of Bitcoin extends to cryptocurrency exchanges.

Also Read: Cryptocurrencies used for illegal acts warns UAE central bank governor

The official outlook of the central bank is now contrary to previous reports that claimed the Prime minister’s momentum. Since it is to impulse for a framework was toward authorizing cryptocurrencies.

Furthermore, today’s notice also disclosed information about fines and the chances of further action for cryptocurrency adopters.

The authority said:

“Use of illegal means of payment (including Bitcoin and other similar virtual currencies) will be subject to a fine of between VND 150 million and 200 million [approx. $9,000]. Meanwhile, as of January 1, 2018, the act using an illegal means of payment may be subject to prosecution”.

The position of the SBV regarding cryptocurrencies is exactly similar to that of its Indonesia counterpart.

Recently, Agus Martowardojo, governor of Bank Indonesia (BI) stated Bitcoin is not consider as an official method of payment. Along with the includes threat that adopters “who use it will be dealt with.”

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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