It was in April that the Hanoi Department of Industry and Trade proceeded to issue the relevant parties with documents banning them from using Bitcoin and other cryptocurrencies in the settlement of their online transactions. It is a matter that has taken the involved individuals and organizations by surprise since it tasks them with resorting to other means.
The document brings it out clearly that no one in Vietnam will from now moving forward be able to use Bitcoin and similar virtual currencies in making transactions since it is now prohibited. Those that will be going against the directive according to a personal well conversant with the latest developments will be subjected to a heavy fine.
The reports coming up indicate that those that will be found issuing or using cryptocurrencioes as of January will be prosecuted on a criminal basis with immediate effect. The previous week witnessed Crypto-regulatory action in Vietnam intensify and that was shortly after Nguyen Xuan Phuc who happens to be the Prime Minister moved ahead to urge financial bodies and the government to tighten their oversight over the various cryptocurrency-related activities.
It is worth noting that the latest directive came shortly after reports stuck out regarding what was deemed the largest crypto fraud in history. A lot of matters regarding the case haven’t been proven yet but word has been moving around that almost 32,000 investors were defrauded by two ICOs which were under the managements of a Vietnam-based outfit. Police have already launched investigations into the matter in a bid to establish the whole truth.
There has been an outright ban on the use of crypto as a form of payment and that was not put in place today but from way back in 2017.The orders that were made recently by the Prime minister won’t by any means be taken for granted. The plan will be to try everything humanly possible to flesh out a more robust and an extensive regulatory framework and most of the market observers have indicated their support for this particular approach.