The fierce opposition by traditional taxi firms to Uber and Grab, the uncertainty of state management of bitcoins, and the number of Vietnamese starting up businesses in Singapore all show that it is necessary to amend the legal framework in the context of the digital economy.
According to the State Bank of Vietnam (SBV), the issuance, supplement and use of bitcoin and other similar virtual currencies for legal payment is prohibited in Vietnam.
The State Bank of Vietnam has said Bitcoin is banned in the country and those who break this rule will be subject to fines or even criminal charges, following an announcement by a private local university to accept the digital currency as tuition.
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
Experts voiced real concern over safety and legal status of e-money since Bitcoin, a form of cryptography-based e-money, is believed to potentially cause risks for users due to its highly volatile value.
Hundreds of thousands of retail points in Japan are accepting payments in bitcoin for both online and on-the-spot transactions.
Prime Minister Nguyen Xuan Phuc this week approved a plan to scrutinise and streamline the legal framework for the management of cryptocurrencies such as bitcoin in Vietnam.
The instability of virtual currencies and price increases of computer components have forced many bitcoin miners to sell mining machines to get money back.
Like the world market, the Vietnamese computer component market has become chaotic since Bitcoin and Ethereum have been used in transactions on a large scale.
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(VOV) - The Ministry of Industry and Trade (MoIT) has warned the first online Vietnam Bitcoin Trading Centre (VBTC) is illegal and all of its trading activities are not protected by law.
The State Bank stated on February 27 that bitcoin and other virtual currencies are not legal tender or a permitted means of payment in Vietnam.