The State Bank of Vietnam has banned the use of the virtual currency, Bitcoin, for all domestic commercial banks from February 27.
A Bitcoin Cafe in Hanoi
The use of Bitcoin in Vietnam has been on the increase for a small minority who are knowledgeable in both the tech and economic sector in Vietnam. However, some see potential trouble in the future with this virtual currency.
The SBV has said, according to the current regulations, Bitcoin and other virtual currencies are not legal means for transactions in Vietnam, and that the current financial protection laws will not extend to transactions for virtual currencies.
The SBV went even further and warned people against the use of Bitcoin because of “underlying risks.”
Bitcoin was openly exchanged by the now closed Mt. Gox Exchange in Japan in 2010. Its value further dropped sharply after a sudden and unexplained shutdown early this year. BitStamp halted withdrawals because of technical problems.
Police in the US arrested four suspects of using Bitcoin for suspected criminal activities. Meanwhile holders of the virtual currency stand to lose their investments as a result of the closure of Mt. Gox Exchange.
Many countries, such as Thailand, Russia, China and France have announced that they will not recognised Bitcoin as legal tender and warned customers against investing in this currency.
Đăng ký: VietNam News