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Vietnam banned Bitcoin

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October 30, 2017 | 

Joanna Newman |  0 Comments| 

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Vietnam banned Bitcoin


After Algeria a few days ago, it is now the turn of Vietnam to announce that it wants to ban the use of Bitcoin and other virtual currencies, the country.

Thus, the Central Bank of Vietnam has declared illegal the use of cryptocurrencies in the country.

From 2018, anyone who uses digital currencies will be fined.

The only modes of payment allowed will be those controlled by the Vietnamese State through its banks.

This announcement comes at a time when Bitcoin has hit record highs.

It could still be that after a while and if the Vietnamese leaders realize that their fears about possible scams were unfounded, that the ban is lifted.

The trading site Bitcoin.vn him, rejected this information.

For him, cryptocurrencies are not defined by law as a means of payment and therefore can not be an "instrument of payment" illegal.

"We can use the following example: Mr. A sold 10 kg of rice to Mrs. B in exchange for 10 chickens. "The means of payment" are totally outside the jurisdiction of the State Bank because rice and chicken are not means of payment under Vietnamese law. " the site about it.

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