The State Bank of Vietnam or SBV has recently announced that they’ll be placing a ban on the use of cryptocurrencies as the next year goes on. We have also stated that there may be prosecution for those who attempt to violate this regulation. As of a few days ago on October 28th, when the state owned newspapers with in the country has reported that these new regulatory measures going to place as of the first of 2018.
The new changes of the countries legal code what ensure that those who use digital currency is could be find up to $8,000 for doing so. The newspaper has also stated that any acts of “issuing, supplying and using” would be accurate grounds to prosecute that individual. The new law has not stated any specific legal measures that the individual may go through but the country does not seem to be taking it lightly. The country has viewed these types of financial situations as criminal and would like to intervene in any way possible.
The article has stated that any uses of other forms of non-cash instruments such as credit cards or checks, will still be legal.
The announcement comes only a year after the government in Vietnam attempted to place legislation as to whether or not cryptocurrencies would be legal with in the country. This calms an interesting time in the digital currency market, as some countries are working to build legislation I would effectively help the proliferation of the digital market. Other countries such as China and Russia are working towards the opposite, and attempting to lock the currencies use for several reasons. What are those reasons is that those countries would like to form a more legitimate type of digital currency, any other reason is that these countries view the use of digital currency as and intermediary to the block market.