The State Bank of Vietnam (SBV) announced on Saturday, October 28, that it has completed the legal framework for digital currencies, according to local publications.
Bitcoin users in Vietnam may be subject to criminal prosecution,” Cong An newspaper wrote and elaborated:
The issuance, supply, [and] use of bitcoin and other similar virtual currencies as a means of payment is a prohibited activity in Vietnam. Under the provisions of Clause 6, Article 27 of Decree No. 96/2014 / ND-CP on administrative sanctions in monetary and banking activities, acts of distributing, including bitcoin and other similar virtual currencies, will be fined fines from 150 million to 200 million [VND].
Commenting on the State Bank’s view to reject bitcoin as a legal means of payment, he said, “it is believed that when bitcoin is accepted as a currency, legal means of payment, the national sovereignty over the issuance of currency is violated, affecting the effectiveness of monetary policy.” He noted that in the State Bank’s view:
If bitcoin is accepted it will be difficult to control: tax evasion, illegal transfers, payments, financing of illegal transactions will arise and thus state management of money, the economy will become very complex.
Meanwhile, speaking at the National Assembly last week, deputy Pham Phu Quoc proposed for Vietnam to legalize bitcoin transactions in the near future in order to oversee civil transactions and collect taxes, Zing reported. The deputy asserted that “bitcoin transactions still take place, with or without [the] law.”