Vietnam banned the use of crypto-currencies in e-commerce

The ministry of Industry and Trade of Vietnam has banned organizations and individuals involved in e-commerce use Bitcoin and other crypto-currencies. This follows a directive put in place by the Prime minister of the country. This measure is intended to strengthen the legal framework for digital currencies in Vietnam.

Source : Pixabay. Vietnam has banned the use of crypto-currencies in the world of e-commerce.

Prohibition of cryptographic solutions in the e-commerce

The minister of Industry and Trade of vietnam has announced on Saturday that it had issued an official document to the destination of the e-commerce professionals in the country. They were forced not to use the Bitcoin and other crypto-currencies for payments of online purchases. It has also been shown that in case of non-respect of this rule, actions may be initiated in accordance with the law.

Here is a video showing the announcement of the central Bank of vietnam with respect to payments in Bitcoin :

The department has required that the companies and individuals that are directly or indirectly involved in e-commerce in Vietnam must comply with the above rules and regulations.

That said, the vietnamese law on crypto-currencies ?

Citing the provisions of decree no. 101/2012/ND-CP of the government on the means of payment other than cash, the document reiterates that the Bitcoin and other virtual currency are not legal tender in the country. The issuance and use of crypto-currencies are not allowed in Vietnam. The repeat offenders risk a fine ranging from 6 608 8 810 dollars. Besides, since January, 2018, the trading of digital currencies may be subject to criminal prosecution.

Last week, the Prime minister of vietnam Nguyen Xuan Phuc has signed a decree aimed at strengthening the management of activities related to crypto-currencies. This decision was taken after a fraud involving the theft of nearly $ 658 million in digital currency. The local authorities continuing investigations on this case.

Source : NewsBitcoin