Bitcoin and similar virtual currencies illegal. Bitcoin like email because it has been designated as an illegal means of payment. The SBV 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.
The move against cryptocurrencies follows similar bans on centralized virtual currencies, often used for gaming or gambling, as well. While no other altcoins like ZCash, Ethereum, Litecoin, Ripple, and others are specifically named, it’s pretty clear that Vietnam is also considering these other cryptocurrencies to be illegal means of payment, as well. What’s the penalty for using illegal means of payment? In short: All status quo. Reason for the announcement now is the the news from the day before, that FPT university planned to start accepting BTC for tution fees. SBV saw themselves forced to react with a clarification on the matter.
VN needs to be done for VND. Status of Cryptocurrency Regulation in VN remains unchanged. As such, Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam. The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam. It isn’t yet clear if the declaration that virtual currencies are illegal means of payment affect the use of Bitcoin and similar currencies as a form of investment. Does the prohibition of issuing and supplying of Bitcoin also mean that mining is illegal in Vietnam?