Vietnam banned the Bitcoin as a means of payment

The State Bank of Vietnam has issued a press release announcing that it forbidden from now on the use of crypto-currencies for payments. This press release does not reveal the reasons for this prohibition, but does not explicitly prohibit the mining of crypto-currency or systems Blockchain.

Any transaction involving crypto-currencies will be banned

The bank explains that the methods of payment conventional such as cheques, payment orders and credit cards are allowed, but adds that ” the Bitcoin and other digital currency and similar are not legal in Vietnam. The issuance, provision and use of Bitcoin and other crypto-currencies as a method of payment are prohibited in Vietnam. “A fine of about USD 9000 will apply to those who accept or offer payments in crypto-currencies.

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Why this ban is it now ?

The reason why the State Bank of Vietnam has decided to make this statement is not clear, but it is not difficult to guess his real motives. The vietnamese government looks a bit like that of China. In fact, it allows the implantation and the development of private enterprise, but remains a single-party communist State. Virtual currencies represent a threat to the control of the economy, and the communist regimes have struggled to tolerate this kind of situation.

However, the prohibition does not seem concerned with the blasting, nor the negotiations of crypto-currencies. Vietnam seems to leave the door open to activities related to crypto-currencies or the technology Blockchain, at least, as long as they do not lead to the process of buying or selling. Vietnam is trying to reform its economy attractive to different types of foreign investors.

Source : Cointelegraph.com