Written by Michael K. HamiltoncontributorReviewed by Cyril Gilsonformer editorVietnam forbids Bitcoin transactions
Latest NewsPublishedFeb 25, 2014
In mid-February, the Vietnamese government issued a statement explicitly prohibiting residents from using Bitcoins at all within the country.
In mid-February, the Vietnamese government issued a statement explicitly prohibiting residents from using Bitcoins at all within the country.
According the Vietnamese central bank, only the national currency, the Vietnamese dong, can be used as a form of payment. According to the bank’s legal interpretation, then, Bitcoin constitute an illegal form of payment.
From the statement:
“The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactions and affirming that the Vietnamese Government does not recognize and allow the Bitcoin using transactions and is not responsible to resolve the arising disputes relating to the Bitcoin using transactions.” Farther down, the Ministry of Public Police notes that Bitcoin’s use could negatively impact the country by facilitating crime and providing a workaround for taxes. Furthermore, the government argues that speculation and the possibility of a bubble burst could undermine “the people’s confidence in the government.”
NewsBTC notes that the central bank will offer a report this month to Vietnamese Prime Minister Nguyen Tai Dung, who will then draw up a proposal regarding the digital currency’s legality in Vietnam going forward.
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