Use of cryptocurrencies have been banned as illegal by State Bank of Vietnam with an additional imposition of fine on people caught using these digital tokens from early 2018. This new monetary law which have been issued by the central bank of Vietnam is all set to get operational from the first quarter of 2018. Presently the cryotocurrencies are already considered illegal in Vietnam, but next year onwards it shall be banned in its entirety. The law also clearly denotes that the payment methods as issued or controlled by Vietnam’s Central Bank shall be deemed to be the only authorized ones.
The law also states that the only authorized payment methods in the country are those issued or controlled by the State Bank of Vietnam. With Bitcoin making strides with its rapidly swelling market cap and booming price curve, the ban is garnering mixed responses from the cryptocurrency enthusiasts. However one thing has been made certain and that is the upcoming ban shall not have a big impact on those individuals who wish to infuse the cryptocurrency mode into their transactions. In such a scenario, the best option for the government shall be to come ahead with a campaign against centralized companies making use of digital currencies.
Such a ban will bottleneck financial sector innovations which is highly unfortunate. But this law has a high probability of being uplifted in days to come as possibilities of scams surrounding the same decrease with technological advancement.
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