State Bank continues warning residents against using Bitcoin

State Bank of Vietnam warned people not to invest on Bitcoin or any online currency because they are not legal currencies and payment means in Vietnam.

Mr. Doan Thai Son, Head of the Legislation Department under the State Bank of Vietnam, said that Vietnam law did not recognize Bitcoin as a payment means and credit institutions were not permitted to use it as a currency or payment means when supplying their services.

Therefore, those who use Bitcoin in trading and investment have to suffer all risks. The online currency transactions might become a tool for money laundering, drug trafficking, tax evasion and illegal property trading, he added.

Besides, Bitcoin users might suffer complete loss due to hack attacks stealing or changing their online data.

Related agencies have carried out necessary works, especially improvement of the legal framework, so as to manage Bitcoin under different purposes as per instruction by the Prime Minister.

The Ministries of Justice, Industry and Trade and Finance are studying measures to manage Bitcoin as a commodity and online property.

Recently, the Investigation Police Agency in the south central province of Khanh Hoa brought into court an illegal trading case related to online currency. However it was denied by the province People’s Procuracy saying it did not commit an offence.

Bitcoin has appeared in Vietnam since 2013.

By Ham Yen – Translated by Hai Mien

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