The central bank of Vietnam has applied laws that prohibit the issuance and use of Bitcoin. This digital currency is always considered as a currency illegal in the country. This institution does not allow payment via this technology. Moreover, the vietnamese government has refused to include the crypto-currency among the payment means, legal. Only the methods approved by the authority, of the country are permitted.
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As indicated by the NCC in October, the legal frameworks recently updated, authorize payments by cheque, in cash and by credit card. The crypto-currencies are, therefore, prohibited in Vietnam under penalty of prosecution and fines.
Users are subject to prosecution
The Bitcoin is in the light of the law considered as a means of payment illegal. The country’s central bank has also reminded the prosecution of firms who engage in the issuance, delivery, or use of Bitcoin and other digital currencies. If at the beginning of the year, the authority in vietnam had just threatened the actors of this sector, henceforth, it became a reality.
Source : Pixabay
At the time, the central bank had stated that, from 1 January 2018 the issuance or use of payment means illegal, including Bitcoin and other virtual currency, may be subject to prosecution, in accordance with article 206 of the criminal code 2015.
A fine of $ 9,000 for non-compliance of this law
The prohibition of Bitcoin in Vietnam is felt in recent times. Before the prosecution, the holders of Bitcoins will be subject to a fine of $ 9,000. Few users expect that the central bank of vietnam to put in place a device so far.
This decision is all the more surprising when you know that the country’s Prime minister, Nguyen Xuan Phuc has approved a plan to legalize Bitcoin and other crypto-currencies in August 2017.
Source : NCC