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The Hanoi Department Of Industry and Trade Prohibits The Utilisation Of Digital Currencies In E Commerce

Apr 17, 2018 Posted /  836 Views

The Hanoi Department Of Industry and Trade Prohibits The Utilisation Of  Digital Currencies In E Commerce

In an official paper issued to significant parties, The Hanoi Department of Industry and Trade prohibited associations and people engaged with e-commerce business organizations in the city from utilising Bitcoin and different digital currencies to settle transactions on the web.

The official document refers to government's proclaim on non-cash payment instruments, underscoring that the issuance, supply, utilisation of Bitcoin and comparative virtual currencies is restricted in Vietnam. Violations are liable to a fine of between VND 150 million ($6,608) and 200 million ($8,810) for people and associations. At the beginning of this year, issuing and utilising digital currencies was liable to criminal indictment.

Crypto-controlled activity in Vietnam became intense a week ago after Prime Minister, Nguyen Xuan Phuc encouraged government and money related bodies to fix their oversight of digital currency related activities.

The mandate considered reports of what could be the biggest crypto scam ever of $658 million if demonstrated to be true, including the apparent cheating of 32,000 investors, amongst which two ICOs are headed by a Vietnam-based outfit. Currently, the police are looking into the matter.

Since 2017, an immediate restriction on utilising cryptocurrency as a method for payment has been set up in Vietnam, yet the Ministry of Justice is currently hoping to substance out a more vigorous and broad regulatory structure following the Prime Minister's requests.

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