Vietnam Outlaws All Cryptocurrency Including Bitcoin

VIOLATORS COULD BE FINED $9,000

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The State Bank of Vietnam (SBV) has announced that is now illegal to distribute, supply or otherwise use Bitcoin as it is now an illegal means of payment.

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“From 1-1-2018, the act of issuing, supplying and using illegal means of payment (including bitcoin and other similar virtual currency) may be subject to prosecution in accordance with the provisions of clause 1 (h) of Article 206 of the Penal Code 2015 (as amended and supplemented in 2017),” said state owned and operated media website, nld.com.vn.

Violators could be fined 150-200 million VND, which converts to approximately $9,000 USD.

RELATED: Vladimir Putin has directed new rules around cryptocurrency, which include registration requirements for miners and security laws on initial coin offerings (ICOs).

“As such, Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam. The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.”

The SBV warning elucidated that the only accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards or any other disbursement tools sanctioned by the State Bank.

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