The State Bank of Vietnam amended the country's monetary policy, according to which circulation of bitcoin and other cryptocurrencies will become illegal from January 1 of the next year. Violators face a $ 9000 fine. This is reported by Blockexplorer.
Crypto-currencies become illegal means of payment and any operations with digital assets fall under the ban. The resolution of the State Bank of Vietnam states that only checks, collection and payment orders, bank cards and any other instruments approved by the central monetary regulator of the country can be used as payment means in the country.
From 1-1-2018, the act of issuing, supplying and using illegal means of payment (including bitcoin and other similar virtual currency) may be subject to prosecution in accordance with the provisions of clause 1 (h) of Article 206 of the Penal Code 2015 (as amended and supplemented in 2017).
As such, Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam. The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.
Amendments to legislation
As for the cryptocurrency mining in Vietnam, it is still unknown whether it falls under the ban, in accordance with the new amendments of the central bank.