Bitcoin transactions not permitted in Vietnam

The government and the State Bank of Vietnam addressed on February 13 that they do not acknowledge and permit use of Bitcoin, an online currency, as payment in Vietnam and will not solve disputes related to transactions using the currency.

Vietnam law only recognizes VND to be the only payment used in the country.

Transactions with Bitcoin are not managed by authorized organizations and facilitate black-market criminal purchases, according to the Ministry of Public Security.

The online currency may negatively impact the world economy, cause losses in tax collection, and result in speculations and inflation. The economy of many nations will be significantly affected.

By Bao Minh – Translated by Hai Mien

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