Vietnam’s Central Bank Bans Bitcoin Transactions, Threatens Large Fines
The State Bank of Vietnam announced the completion of the development of a legal framework for the regulation of cryptocurrencies. Writes about it Bitcoin.com.
“Vietnamese Bitcoin users may be subject to criminal prosecution,” writes Cong An. “Issuing, supplying and using bitcoin and other similar virtual currencies as a means of payment are prohibited activities in Vietnam. According to paragraph 3 of article 27 of decree 96/2014 / ND-CP on administrative sanctions in the field of monetary and banking activity, acts of the spread of bitcoin and other similar virtual currencies are subject to a fine of 150 million to 200 million VND “.
The amount of the fine in terms of US dollars can range from $ 6,600 to $ 8,800. The order comes into force on January 1, 2018.
It is noteworthy that just last week the president of the Vietnamese private commercial educational institution FPT University announced that foreign students will be able to pay for their studies with bitcoins. Speaking about the legality of such activities, he noted that in their case, bitcoin replaces the standard tuition fee, which, in his opinion, is not the use of cryptocurrency as a means of payment, and therefore it will not be so easy to bring an educational institution to justice..
At the same time, at one of the meetings of the National Assembly of Vietnam last week, a proposal was made to legitimize bitcoin transactions. According to officials, this would allow the collection of taxes on transactions, “which in any case are carried out, with or without the permission of the law.”.
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