Vietnam – FUD surrounds Bitcoin

Incorrect reports cause confusion

It would seem the media will grab onto any announcement and attempt to turn it into click-bait. A report landed today that Vietnam had declared Bitcoin illegal. Turns out, this doesn’t quite appear to be the case.

The Bitcoin VN / VBTC.exchange management board released useful statements in both English and Vietnamese language. They explained the State Bank’s release, which clarifies the story as FUD. The full article can be read here

Vietnam’s laws state that Bitcoin is not a form of payment you can offer goods for sale and accept payment in. Bitcoin is not only a legal form of pricing in the country. Same as cows and chickens are also not recognized as legal currency, yet we can still exchange them between ourselves.

It would seem that more research turns up more good news for the cryptocurrency in Vietnam. On August 21st, the Vietnamese prime minister officially signed the plan to fully legalize digital assets and cryptocurrencies by 2018.

The statement coming from Vietnam’s central bank merely re-affirmed the status, that Bitcoin is not yet a legal form of payment in the country. It would seem then that Vietnam need only await more legislation to pass in 2018. Next year they can start reaping the harvest of economic benefits cryptocurrency and digital assets has the potential to bring.