The central bank of Vietnam, the State Bank of Vietnam, has declared unlawful the use of digital currency on the whole territory of Vietnam. The central bank also announced that it would impose a fine to any person who would violate the law and who still use the crypto-currency from the beginning of the year 2018.
A law that will come into force in 2018
On the basis of the new law money issued by the bank which should enter into force during the first quarter of 2018, the Bitcoin and other crypto-currencies are already regarded as illegal and their use will be prohibited in the country. The law also states that the only payment methods allowed in the country are those issued or controlled by the State Bank of Vietnam. The ban imposed by the State Bank of Vietnam comes at a time when the Bitcoin, the leading crypto-currency, continues to set records. However, it is certain that the prohibition of virtual currencies will have little or no effect on individuals who want to use it in their international transactions. The only thing the government can do is to launch a campaign against the companies centralized using digital currency.
An unfortunate decision for some
For some, the decision of the central bank of vietnam to declare the crypto-currencies illegal is considered very unfortunate. In fact, they think that this decision would stifle innovation in the financial sector. However, the law may be considered by the government as a means to imitate the actions undertaken in other countries in the world. It is expected that this ban could be lifted in the future if the fears and apprehensions of possible scams involving the use of the digital currency are overblown.
Source : Cointelegraph