This payment by the State Bank is not legal and will be fined up to 200 million VND by the competent authorities.
At the meeting with Deputy Governor Dao Minh Tu on December 19th, Nguyen Hoang Minh, Deputy Director of the State Bank of Ho Chi Minh City said that the agency always assert Bitcoin and other similar virtual currency. is not a legal 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.
However, according to Mr. Minh, Bitcoin has been a number of cafes and restaurants in Ho Chi Minh City accepted payment. "We are asking the police office to coordinate with the State Bank of Ho Chi Minh City branch to handle," he said.
Mr. Minh also reported that the issue of virtual money to the central bank, the leadership of the People's Committee and was directed by Vice President Tran Vinh Tuyen agencies such as police, judicial cooperation with the House Bank The City of Ho Chi Minh City branch handles violations if any.
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Hot Bitcoin prices have attracted many people to invest money.
VnExpress's survey also noted a café in District 1, Ho Chi Minh City for customers to pay coffee, pizza by Bitcoin publicly. An employee at the shop said that only customers with code by bitcoin can pay. She added that accepting Bitcoin payments is "very convenient" because it does not have to pay bank fees (payment cards), and not be collected tax so it is very beneficial for businesses. Prices are based on current Bitcoin prices.
On the spot market on December 17, Bitcoin prices were close to $ 19,800 on CoinDesk, and then moved back to around $ 18,700 a bushel. Bitcoin has increased nearly 20 times this year.
With the hot money of this virtual currency, not only the world but many people in Vietnam are also caught up. A lot of people are willing to borrow money to invest Bitcoin, and others are racing to buy a digger. Recently, the HCM City Customs Department said that up to the end of October, 1977, 98 import declarations of 1,478 Bitcoin and Litecoin automatic data processing machines were received at the Customs Sub-Department. Objects of procedures for importing these goods are individuals and organizations that do not have tax identification numbers.
According to the Ho Chi Minh City Customs Department, automatic data processing machines are not on the list of prohibited or suspended import and export under the Decree on international trading of goods, but the issuance and use of virtual currency. Not yet recognized by Vietnamese law. As a result, the unit reported to the General Statistics Office for guidance when imports of this commodity increased rapidly in recent months and have the potential to cause many problems.
Deputy Director of the HCM City branch of the HCM City branch Nguyen Hoang Minh said that the appearance of virtual currencies in general creates risks for investors.
First of all, Bitcoin currency is highly anonymous so it is easy to become a tool for criminals like money laundering, drug trafficking, tax evasion ... they use. Second risk, this virtual currency is used in the form of digital so vulnerable to attack, easy to stop the transaction, steal data. The third is that the value of this currency fluctuates very, very complex in a short time. Therefore, this fluctuation leads to many risks for the owners. And last but not least, it is not governed by any state regulator, so its owners will be at risk because there are no security guards.
On that basis, the State Bank confirms that these currencies are neither monetary nor legal means of payment in Vietnam and are not recognized and protected by law. "We suggest that people and businesses not participate in these activities," said Minh.
According to the State Bank, acts of issuing, providing and using illegal means of payment (including Bitcoin and other similar virtual currency) will be subject to administrative sanctions ranging from 150 million to 200 million. This is the content specified in Clause 6, Article 27 of Decree No. 96 of 2014 on administrative sanctions in monetary and banking activities.
At the same time, the Manager said that as of January 1, 1818, acts of issuing, providing, using illegal means of payment (including bitcoin and other similar virtual currency) have They may be examined for penal liability according to the provisions of Point h, Clause 1, Article 206 of the Penal Code 2015 (as amended and supplemented in 2017).
Bitcoin was launched in 2008 and is being traded on Mt.Gox, the world's largest Bitcoin Exchange, in June 2010, to be used in 2013 for both payment and merchandise transactions. Investment properties in many countries.
Bitcoin founder has written advanced cryptographic algorithms whose foundation is an open source code. Anyone who understands programming can join Bitcoin by using a computer system to solve complex algorithms. No central bank, even the one who created it, can manage Bitcoin.
Thanh Le
