Vietnamese government against Bitcoin payments

Monday 3 March 2014 08:59 CET | News

Vietnam’s communist government has accused trading in Bitcoin and other electronic currencies as being illegal and warned its citizens not to use or invest in them, according to media outlet

According to a central bank statement those who disobeyed this instruction will not be penalised, but the virtual currencies are linked to money laundering and other illegal activities.

The collapse of a major Bitcoin exchange in Tokyo has drawn renewed attention to the currency. In late 2013, China banned its banks and payment systems from handling Bitcoin, after Thailand earlier put a blanket ban on its use.

Aside from an investment and buying goods and services online, Bitcoin could be used by Vietnam’s diaspora to send home remittances if the currency were to take a broader hold. There are a few websites that claim to offer Bitcoin in exchange for VND, but it is unclear whether they have done any trading so far.

Bitcoin is a form of digital currency that only exists online and is not controlled by any central financial authority, putting the control of the currency in the hands of the user. It allows people to transfer value to anyone, anywhere on the internet, without the traditional fees, commissions or currency exchange rates.

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Keywords: Vietnam, Bitcoin, digital currency, online, payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce