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Vietnam Warming up to Put a Ban On Bitcoin

Oct 31, 2017 Posted /  8374 Views

Vietnam Warming up to Put a Ban On Bitcoin

Why the Central Bank of Vietnam wants Bitcoin Abolished

Vietnam started on a positive note by showing interest in cryptocurrency and acknowledging the need for a regulatory framework. Through the countries central Banks Necessary research are said to have been carried out and a legal framework of Bitcoin Put in place. The outcome of the regulation intended by the central bank of vietnam to be put in place is rather not a good news to most Vietnamese Bitcoin Communities. The framework will put an end to Bitcoin activity in vietnam with a possible move to make carrying out any activity relating to bitcoin illegal. The bank has proposed a find of about $8800 valued at 200 million vietnamese dong. This regulation will render Bitcoin of no legal status in vietnam indicating that anybody carrying out bitcoin transaction in the country could face the risk of going to jail or paying the fines. This news however not not well received by many Bitcoin users. In one online Forum a Bitcoin user was quoted saying,

This just shows and proves no one lives in a "free" world. The true colour's of banks and governments are starting to shine through. Making it more obvious that we are all actual slaves to a bigger power that uses their own people for their own benefit.

What other Financial Experts say

Meanwhile the Law has not yet directly banned Bitcoin from circulation in Vietnam a step towards such a direction has already been taken. According to Le Cao a practicing Lawyer in vietnam Bitcoin is not yet banned since it is not among the Banned items the law tackled. The vietnamese financial regulation authority hinted that the use of Bitcoin would render the country's financial policy ineffective. However niversity in Vietnamese FPT university recently announced that it will be accepting Bitcoin as a means of paying schools by international students. When asked whether the University will be violating the regulation by such a move the Governor of the Central Bank of Vietnam commented saying,

If the university has a way of accepting school fees values in the Form of Bitcoin, then it can not be punished for doing so

The Opposing Views on Bitcoin

As a follow up of what the chinese authority has done, the vietnamese regulars has put an indefinite ban on Bitcoin as a payment for anything in the country. With an overwhelming negative reactions from the public on the idea, a handful of people think the ban being slapped on Bitcoin is the right thing to do. This follows a comment by an anonymous person on a bitcoin platform saying,

Bitcoin and all proof of work coins should indeed be banned from exchanges (by the countries hosting the exchanges), but for another reason: the huge power consumptions needed to run their consensus algorithm (through mining). Bitcoin alones consumes the equivalent of a country like Azerbaïdjan. It's not eco-friendly at all, Bitcoin is not sustainable it will die. On the other hand, proof of stakes coins like RISE are eco friendly no power needed for the consensus algorithm, they are the future.

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