State Bank of Vietnam bans cryptocurrencies

In a recently issued statement, the State Bank of Vietnam (SBV) has prohibited the issuance, supplement, and use of bitcoin and other cryptocurrencies for legal payment in the country, Vietnam News reported.

The recent announcement is in line with the Prime Minister’s direction to develop a regulatory framework for cryptocurrencies. The central bank has finalised and submitted this framework to the government.

According to the report, the SBV has coordinated additional penal sanctions for acts involving cryptocurrencies. It states:

“Article 27 of Decree No. 96/2014/NĐ-CP states that the acts of issuing, supplying and using illegal means of payment will be subjected to an administrative fine between VNĐ150 million and VNĐ200 million (US$6,700 and $8,900).”

According to Article 206 of the Penal Code 2015, amended and supplemented in 2017, any act involving cryptocurrencies may be subject to criminal prosecution, as of January 01, 2018.

Earlier in July, the central bank announced its non-involvement in managing cryptocurrency on the Vietnamese financial market. It also said that the acts of initial coin offerings (ICOs), issuing and using such cryptocurrency as a means of legal payment were all prohibited.

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