Vietnam Bitcoin Ban Fake News Spread By Bitcoin Media
Let’s get this straight.
Vietnam did not “ban” Bitcoin.
Nothing has changed.
Vietnam Dong still is and always will be the only official currency Vietnam.
This longstanding law means businesses can not accept anything other than VND as a means of payment for goods and services.
No USD, no Euro, no Bitcoin.
There is no new law, there is no ban. Bitcoin remains in a grey area where there is no official ruling on it. For now, people may possess and trade bitcoin just like any other piece of property or asset.
You may even trade Bitcoins for assets, just as you can trade cows for real estate, as long as the price is denominated in VND.
So why is the bitcoin media saying otherwise?
On Thursday, October 26, FPT University announced that they would accept Bitcoin for tuition payments from foreign students. This would be quite useful since money transfer to Vietnam can be very difficult.
However, FPT is a government owned organization, so by allowing this, they are in effect condoning the use of Bitcoin as a legitimate currency.
Since the only legal tender in Vietnam is the Vietnam Dong, the government heads needed to make it clear that actually bitcoin can’t be used to pay FPT tuitions.
On Oct. 28th, the State Bank of Vietnam issued a clarifying press release stating:
- Bitcoin is not a legal means of payment. (we have always known this)
- An update to the fines for using illegal means of payment starting Jan 1.
Vietnamese news picked up the story, adding a bit of hyperbole, conflating the illegal currency fines with bitcoin fines.
BlockExplorer then released an article stating Vietnam is banning Bitcoin in 2018, which is either a very poor translation or blatant misrepresentation of the Vietnamese source.
Despite quoting an English language clarification from Bitcoin Vietnam, Vietnam’s first legally registered bitcoin brokerage, BlockExplorer has not revised their headline to be more accurate, since there really is not a story here.
To learn more, read the statement from Bitcoin.vn: Regarding the FUD about Vietnam to illegalize Bitcoin (English at the bottom)