Bitcoin in Vietnam Will Be Illegal and Subject to a $9,000 Fine

Megalith

Megalith

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The State Bank of Vietnam has announced that it is now illegal to issue, supply, or otherwise use Bitcoin. The notice clarified that the only officially accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards, as well as any other payment instruments approved by the State Bank.

According to an Oct. 30 statement, the State Bank of Vietnam said that cryptocurrencies are not a "lawful means of payment" in the country, and the "issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited." From next year, it goes on, illegal use of cryptocurrencies in payments will be subject to penalties of between 150 million ($6,600) and 200 million ($8,800) Vietnamese dong (VND).
 
Imagine if Iceland passed such a law. The owners of that huge crypto-mining facility would go apeshit.
 
My vietnamese friends say using banks there is not recommended... not sure if people are losing money that way or if their culture is just a bit more paranoid (AKA libertarian)
 
Youn said:
My vietnamese friends say using banks there is not recommended... not sure if people are losing money that way or if their culture is just a bit more paranoid (AKA libertarian)
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It could just be the interest rates are not good at all.
Japan is like that (or was, things might have changed in the last 10yrs). The only reason to keep money in the bank was because it was slightly safer than keeping money at home.
Every transaction you did with the bank costed money and there was zero return for having money in the bank.

Which is unlike what Canada has had for a long time now, with most banks offering zero transaction fees and offering a decent interest rate for keeping money with them.
 
MrDeaf said:
It could just be the interest rates are not good at all.
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The reason is they feel it's safer to keep the physical money at home, where they can actually see/protect it themselves. The concept of things being hidden away is what scares them (again, just the few people I've interacted with, not everyone)
 
Another banking system tipping their hand as frantic and nervous over the biggest direct threat they've ever faced, acknowledging what has become too big to ignore. Unfortunately this will be about as meaningful as a country trying to make the internet "illegal".

You see if Bitcoin was as meaningless and inconsequential as the banking and payments industries want people to believe, they wouldn't need to sweat it so hard. There'd be no need. They could go on as they always do being big and monolithic and crushing the little guy.

It's great watching them squirm.
 
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I can’t blame them as I find bitcoin to be a stupid form of currency. However making it illegal is plainly dumb and I find it similar to making trading illegal, like telling me I can’t exchange a router to someone for their collection of pogs. If both parties agree to what is being exchanged how is there a problem?
 
Nolan7689 said:
I can’t blame them as I find bitcoin to be a stupid form of currency. However making it illegal is plainly dumb and I find it similar to making trading illegal, like telling me I can’t exchange a router to someone for their collection of pogs. If both parties agree to what is being exchanged how is there a problem?
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it's simple: because they can't tax or regulate/control it.
 
Some countries your money is not safe in a bank. It can be taken away. Thank god bitcoin exists to give people an option. Screw if its illegal or not. People will do what they must do to survive.
 
In before the miners go, "Bitcoin is here to stay and the government can't do squat about it."
 
Galvin said:
Some countries your money is not safe in a bank. It can be taken away. Thank god bitcoin exists to give people an option. Screw if its illegal or not. People will do what they must do to survive.
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You do realize to purchase or sell said bitcoin, you will have to have a bank account OUTSIDE of Vietnam and that is very traceable.
 
MrDeaf said:
It could just be the interest rates are not good at all.
Japan is like that (or was, things might have changed in the last 10yrs). The only reason to keep money in the bank was because it was slightly safer than keeping money at home.
Every transaction you did with the bank costed money and there was zero return for having money in the bank.

Which is unlike what Canada has had for a long time now, with most banks offering zero transaction fees and offering a decent interest rate for keeping money with them.
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The interest payback from any country's bank is regulated by the governments interest rate. Low interest rates from the fed means low interest bank accounts. Japan's banks have been attempting since the 90's to boost the economy with very low interest rates. This was a result of the manufacturing industry moving off Japanese shores to China. That said, IF you keep enough Yen in the bank, they won't charge you for services (just like in the states)
 
I have nothing against trading bitcoin. Only mining should be illegal: Eg wasting energy (and other resources) for something that yields no useful product.

Anyone engaged in mining is lliterally converting tangible resources into intangible virtual assets, that has no value outside of the monetary gain of the individual.

One could argue that pressing and printing regular money also takes resources. But it seems to me that the resource consumption of mining 1 bit-coin is magnitudes more than it takes to print the same amount of money. Even Dongs :D

I'd simply rule that mining bitcoin equals printing money at home. It does, doesn't it?
 
M76 said:
I have nothing against trading bitcoin. Only mining should be illegal: Eg wasting energy (resources) for something that yields no useful product.

Anyone engaged in mining is lliterally converting tangible resources into intangible virtual assets, that has no value outside of the monetary gain of the individual.

One could argue that pressing and printing regular money also takes resources. But it seems to me that the resource consumption of mining 1 bit-coin is magnitudes more than it takes to print the same amount of money. Even Dongs :D

I'd simply rule that mining bitcoin equals printing money at home. It does, doesn't it?
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You don't know how bitcoin works.
Without Miners - there would be no transaction verification mechanism.

Here - read up.

https://www.coindesk.com/information/how-bitcoin-mining-works/

or watch this:
 
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M76 said:
I know how it works..... It's only advantage is that transactions are untraceable
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with that response - no you don't.


http://cs.stanford.edu/people/erobe...10-11/DigitalCurrencies/advantages/index.html
Global acceptance (anywhere there is internet and electricity)
No third party seizure
No Taxes
No Tracking
No Transaction Costs
No Chargebacks
Cannot be stolen/forged


https://www.cnbc.com/2014/12/09/the-real-advantage-of-paying-with-bitcoin-commentary.html

So with bitcoin, we have a secure, programmable form of money that can be used for global transactions, that cannot be forged, that is fully audit-able, that is actually software that can be built into anything and everything. Once this is understood, once this is grasped, the magnitude of the possibilities it enables is truly staggering.
 
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Archaea said:
with that response - no you don't.


http://cs.stanford.edu/people/erobe...10-11/DigitalCurrencies/advantages/index.html
Global acceptance (anywhere there is internet and electricity)
No third party seizure
No Taxes
No Tracking
No Transaction Costs
No Chargebacks
Cannot be stolen/forged


https://www.cnbc.com/2014/12/09/the-real-advantage-of-paying-with-bitcoin-commentary.html

So with bitcoin, we have a secure, programmable form of money that can be used for global transactions, that cannot be forged, that is fully audit-able, that is actually software that can be built into anything and everything. Once this is understood, once this is grasped, the magnitude of the possibilities it enables is truly staggering.[\I]
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Well I disbute if many of those are advantages at all.

Third party seizure = the means to freeze someone's assets when their conduct is investigated is necessary
Taxes = also necessary to run infrastructure
No tracking = only advantage if you engage in something criminal or shady.
No transaction costs = Just don't try to change regular currency into bitcoin and vica versa, because it costs a leg and an arm. And honestly bank transfers and card payments are already free at my bank.
No chargebacks = How is that a good thing? When you are defrauded that is the only way to get your money back. OK it can be used in a malicious way as well, but I'd still rather have it than not have it.
They can torture you for the keys just like for your safe. And like this is a big concern? If it's in a bank regular money won't get stolen either.
 
Huh, that's something...and yet BTC is as now $6300
I find it more interesting that omisego coin was recently adopted by Thai Ministry of Finance for use by the banking industry there for P2P payments and merchant payments.

BTC will be here to stay, however the ETH Blockchain is freaking fascinating with what current projects are coming to market. Do some research there is a major paradigm shift underfoot.
 
M76 said:
Well I disbute if many of those are advantages at all.

Third party seizure = the means to freeze someone's assets when their conduct is investigated is necessary
Taxes = also necessary to run infrastructure
No tracking = only advantage if you engage in something criminal or shady.
No transaction costs = Just don't try to change regular currency into bitcoin and vica versa, because it costs a leg and an arm. And honestly bank transfers and card payments are already free at my bank.
No chargebacks = How is that a good thing? When you are defrauded that is the only way to get your money back. OK it can be used in a malicious way as well, but I'd still rather have it than not have it.
They can torture you for the keys just like for your safe. And like this is a big concern? If it's in a bank regular money won't get stolen either.
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Most of the above issues you have are resolved with several other alt coins, uTrust comes to mind. Do some research, this is a fascinating area with multiple projects soon to be released. 2018-2019 are going to be some very formative years.
 
tangible, intangible, crypto, or going to work 8 hours for a piece of paper? differences? i see very few. there are more 'digital dollars' then pieces of paper they represent, not to mention WHY that piece of paper has value to begin with.

if you don't like crypto, try to ban it, just dont under stand, or dont care, that is all fine with me. actually that is great, that makes it easier for me to acquire crypto.
 
Domingow said:
Most of the above issues you have are resolved with several other alt coins, uTrust comes to mind. Do some research, this is a fascinating area with multiple projects soon to be released. 2018-2019 are going to be some very formative years.
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My issues with cryptos are ideological, not practical. I was just addressing the so called advantages.
 
M76 said:
Well I disbute if many of those are advantages at all.
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Third party seizure = the means to freeze someone's assets when their conduct is investigated is necessary
Who deems it necessary? What trust do you have in this investigative authority? Why should anyone have such right in the first place?

Taxes = also necessary to run infrastructure
Necessary to run an unnecessary infrastructure.

No tracking = only advantage if you engage in something criminal or shady.
Some people value their privacy. Please post a screenshot of your checking account history, you have nothing to hide right? 50 years ago people paid for everything in cash. Does that mean they were always up to something shady because it couldnt be tracked?

No transaction costs = Just don't try to change regular currency into bitcoin and vica versa, because it costs a leg and an arm. And honestly bank transfers and card payments are already free at my bank.
The free transactions your bank provides come at the expense of other transactions. Your bank is not giving away anything for free.


No chargebacks = How is that a good thing? When you are defrauded that is the only way to get your money back. OK it can be used in a malicious way as well, but I'd still rather have it than not have it.
I think most chargebacks are used in a nefarious manner than to protect the buyer/seller. Bitcoin is like cash. Can you get a chargeback on your cash? Do you ever want someone to magically make that $20 bill in your wallet just disappear?

They can torture you for the keys just like for your safe. And like this is a big concern? If it's in a bank regular money won't get stolen either.
The problem with a "regular" bank is that there is real guarantee what the status and value of your money is. Banks crash. Money inflates. Gov't bails them out. None of this happens with bitcoin.
 
nysmo said:
And like this is a big concern? If it's in a bank regular money won't get stolen either.
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Incorrect. People robs banks just about every day but the Government backs the money held at a bank, up to 100k or 50k depending on which bank you do business with.
But if coin is stolen ... who's gonna back it, put it back into "the bank" account? No one ...
 
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