Both parties expect that the close cooperation between Bitcoin Vietnam and Coinify, will contribute to the further maturation of the Vietnamese market. During the first stage of this newly established partnership, Vietnamese merchants will be able to receive payments in Bitcoin or 16 other popular blockchain currencies supported by Coinify. These payments will be automatically converted to the Vietnamese Dong and paid out on a regular basis.
Merchants can thus offer more payment options to their customers, while enjoying a fraud and risk free payment environment. The new platform will offer seamless integration with the merchant’s website/ online shop via custom API or the most popular plugins and will support Point Of Sale application tailored for brick and mortar shops.
Despite opposing media reports following the warning from the State Bank of Vietnam regarding related risks of Bitcoin, Bitcoin usage was never prohibited in Vietnam. The State Bank of Vietnam declared that Bitcoin is not legal tender in Vietnam, as well as that funds/payments in Bitcoin are not protected by the law, which is a correct interpretation of the existing laws. In fact, the State Bank of Vietnam is currently looking in cooperation with the relevant unit of the Department of Public Security to define applicable regulations for Bitcoin usage in Vietnam.
Coinify drives mainstream adoption of blockchain currencies, for merchants and consumers. Merchants benefit from Coinify’s Payment Service (PSP), enabling free, instant settlements in a fraud free and chargeback free blockchain payment environment, while consumers get access to secure, one-click payments that reveal no sensitive information.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now