The Vietnamese financial regulator stated its opinion on the turnover of cryptocurrencies in the country. According to the bank, bitcoin users can be prosecuted in Vietnam. The issuing, supplying and utilizing of bitcoin and other cryptocurrencies as a means of payment in Vietnam are prohibited according to law №96/2014/ND-CP about administrative sanctions in monetary and banking cooperation, article 27, paragraph 6. The law is scheduled to go into effect during the first quarter of 2018. Based on it, those, using and providing digital currency are subject to a fine of of 150 million dong (roughly US$6,600).

In the meanwhile, in the week before last, the president of Vietnamese FPT University, Le Truong Tung, said that the university will accept bitcoin as tuition fee effective for foreign students in future. He noted that in the State Bank’s view: “If bitcoin is accepted it will be difficult to control: tax evasion, illegal transfers, payments, financing of illegal transactions will arise and thus state management of money, the economy will become very complex.”.

However, speaking at the National Assembly, deputy Pham Phu Quoc proposed for Vietnamese government to legalize bitcoin. His main argument was that “bitcoin transactions still take place, with or without [the] law.”

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