State Bank of Vietnam Declares Cryptocurrencies are now Illegal

Vietnam has always been an interesting region when it comes to Bitcoin. Although adoption seemed to rise, things are not evolving in the right direction. More specifically, using cryptocurrency in Vietnam will be subject to a fine in early 2018. Outlawing this new form of money is a bad decision by the government, to say the least. Then again, it was to be expected, given similar developments in neighboring countries.

Vietnam doesn’t like Bitcoin and wants nothing to do with it. That is the message conveyed by the state bank of Vietnam right now. Bitcoin and other virtual currencies have been deemed to be illegal. This new monetary law will go into effect during Q1 of 2018, with no exact communicated so far. The only viable payment method in the country is issued or controlled by the central bank. It is not entirely surprising, though. A lot of these countries are legitimately concerned over Bitcoin and its quick rise to the top…

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