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Starting in 2018, using cryptocurrencies in Vietnam will be illegal
- brad0 9y agoAs far as I understand it this is a move by governments to prevent money from leaving their borders. VND is a currency useful only in Vietnam. Bitcoin has no borders - this means they can't constrain that value inside the country. I feel like I've only scratched the surface as to why governments would want to do this. What else is there?
- influx 9y agoCould make the case it is used for black market purchases or funding terrorists, or rogue governments.
- Fast_Sasquatch 9y agoso... same as paper money then? quick better outlaw that too.
- Redoubts 9y agoWell, this is why large denomination notes have been taken out of circulation...
- dangerbird2 9y agoThere is a limited supply of U.S. dollars in a country like Vietnam, which naturally limits its use in illicit trade. Both paper money and cryptocurrencies have to be converted into "clean" money that can be deposited into banks to pay taxes and expenses. While paper money requires expensive and potentially dangerous laundering operations lest you end up with warehouses full of bills, you can hold crypocurrencies in a wallet for no cost until its needed to be laundered and exchanged for real income.
- tehlike 9y agoTax evasion.
- cstrat 9y agoMoney laundering & bribery
- saagarjha 9y ago> As such, Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam. How can you make a means of payment illegal? Is bartering illegal, or do I have to use cash or checks? I don't understand how you can legally block the use of a cryptocurrency without ruling these out.
- a012 9y agoYes, you have to use cash or checks or cards in VND in Vietnam, sellers are prohibited to accept any foreigner currencies. Even listing as USD/EURO/etc. is illegal in VN. You can use any foreigner currencies only when your business are reviewed and even when accepted, it's very restricted.
- vfulco 9y agoTry not to bump into the sea of money changers in the major cities.
- pejrich 9y agoThere's not really a sea of money changers here, in fact there's not many outside the backpacker/tourist area downtown. Also, the fact that the country has a few money changers is different that regular businesses accepting currency besides VND. Trying paying for your dinner with USD, I would imagine 80% would not accept it, and the 20% that do, would only do so if you paid at a rate that made it worth their while to go and change it themselves. As an American living here, I'm all for it. The Vietnamese currency is far superior the American currency. All bills, no coins. Plastic bills that don't rip, and can get wet.