That was quoted from the State Bank of Vietnam (SBV)’s yesterday official announcement about using crypto currencies for means of payment. The trend has recently overflowed in Vietnam and reached its peak after FPT University announced that it accepts students’ use of Bitcoin to pay tuition fee.
According to the announcement, implementing the Prime Minister’s instruction, SBV has improved the legal framework stipulating crypto currencies as a currency and means of payment.The bank has submitted to the Government to issue Decree 80/2016 on non cash payment and Decree 96/2014 on administrative fines in monetary and banking field.
According to current regulations, the issue, supply and use of Bitcoin and other cryto currencies for means of payment is banned in Vietnam. Violators will be fined VND150-200 million (US$6,609-8,812). The Bank lists conventional payment mechanisms like cheques, payment orders and credit cards as permitted, but then adds (after translation) that “Bitcoin virtual currency and other similar is not lawful 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.”
Notably, SBV has coordinated with relevant agencies to supplement criminal proceedings against the supply and use of illegal means of payment to the Penal Code.