The following short article is from INCOM International Communication Joint Stock Company (Luatvietnam.vn) about the legal regime of Vietnam. Bitcoin in Vietnam, as a legal details to the coin investment refer.
Bitcoin is not a legal suggests of payment
According to Clause one, Article one of Decree 80/2016 of the Government, non-funds payment suggests applied in payment transactions involve: checks, payment orders, payment orders, assortment orders, assortment orders, and financial institution cards. and other suggests of payment in accordance to laws of the State Bank.
Illegal suggests of payment are these that do not belong to the over topics.
In Press Release on Bitcoin and Other Similar Cryptocurrencies of the State Bank has the following paragraph:
In accordance with the applicable financial and banking laws, bitcoin (and other equivalent virtual currencies) is not a currency and is not a legal suggests of payment in Vietnam. Therefore, the use of bitcoin (and other equivalent virtual currencies) as a suggests of payment is not acknowledged and protected by law. Credit institutions are not permitted to use bitcoin (and other equivalent virtual currencies) as a currency or suggests of payment when delivering providers to consumers.
Owning, acquiring, offering, and applying bitcoin (and other equivalent virtual currencies) as an asset carries a great deal of hazards for individuals and is not protected by law. Therefore, the State Bank of Vietnam suggests that organizations and persons should really not invest, hold or execute transactions associated to bitcoin and other equivalent virtual currencies.
In addition, in Official Letter 5747/NHNN-Computer in 2017, the State Bank of Vietnam sent to the Government Office also affirmed:
Pursuant to the over laws, virtual currencies in basic and Bitcoin and Litecoin in certain are not currencies and are not legal suggests of payment in accordance to the provisions of Vietnamese law. Issuing, supplying and applying virtual currency in basic and Bitcoin and Litecoin in certain (unlawful suggests of payment) as currency or suggests of payment is prohibited.
So, Bitcoin is neither money nor legal means of payment acknowledged in Vietnam.
Issuance, provide, use of bitcoin penalized?
According to the existing law, the singing, provide and use of bitcoin can be administratively sanctioned, even criminally prosecuted.
Point d, Clause six, Article 26 of Decree 88/2019/ND-CP stipulates:
-
Non-funds payment instruments applied in payment transactions (hereinafter referred to as payment suggests), involve: checks, payment orders, payment orders, assortment orders, assortment orders, financial institution cards and other payment instruments. other suggests of payment in accordance to laws of the State Bank.
-
Illegal suggests of payment are suggests of payment not specified in Clause six of this Article.
Criminal sanctions
Article 206 of the Penal Code 2015 as amended and supplemented in 2017 stipulates that these who difficulty, provide and use unlawful suggests of payment lead to residence injury from one hundred million VND to beneath 300 million VND to other people. dong, shall be topic to a fine of involving VND 50 million and VND 300 million or a prison phrase of involving 06 months and 03 many years. The greatest penalty for this crime is up to twenty many years in prison.
