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The Central Bank of Vietnam has presented to the government a document to regulate cryptocurrencies. The intention is to ban some activities related to Bitcoin and other cryptocurrencies.

Vietnam plans some regulations over cryptocurrencies

The document is ready. Now the governments needs to analyze it and approve it. The State Bank of Vietnam (SBV) announced this information on Saturday.

“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 with fines going from 150 million to 200 million Vietnamese dong (Vietnamese currency).”, quoted news.bitcoin.com.

The use of Bitcoin and other virtual currencies may be subject to prosecution. The regulations will start to be effective from January the 1st, 2018. “Bitcoin users in Vietnam may be subject to criminal prosecution,” reads Cong An newspaper.

But not everything means bad news for Bitcoin in Vietnam. The Vietnamese University FPT, will accept Bitcoin for tuition. “Suppose that FPT University has a program of exchanging and accepting Bitcoin value instead of tuition fee, which is not the use of a means of payment, it is difficult to punish them,” said Le Truong Tung, president of the University.

Cryptocurrency Situation in Asia

Asia didn’t take any unanimous decision regarding cryptocurrency regulations. Vietnam is going to be in a similar line as China and South Korea. China decided to ban ICOs and exchanges, and South Korea prohibited ICOs to operate in the country. At the same time, Japan and Singapore are taking different steps to allow the cryptocurrency industry to grow.

Japan is one of the friendliest countries towards Bitcoin and cryptocurrencies. This Asian country is the biggest trading hub for Bitcoin. It trades more than the United States. At the beginning of the year, Japan passed a law that recognizes Bitcoin and cryptocurrencies as a means of payment. And in addition to it, Japan’s Financial Services Agency has approved 11 companies as operators of cryptocurrency exchanges.

Singapore has a similar position as Japan. The intention is to regulate the activities around the cryptocurrencies but not the cryptocurrencies per se. “Our attitude is to keep an open mind about Bitcoin. Very few jurisdictions regulate cryptocurrencies per se. The currency itself does not pose the kind of risk that requires regulation. Our intention is to look at the activity around the cryptocurrency and then make an assessment about which regulation would be suitable,” said Mr Ravi Menon, the head of the Monetary Authority of Singapore.

Image courtesy of Pixabay


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