The Hanoi Division of Business and Industry has prohibited organizations and folks eager about e-commerce industry within the town from the usage of bitcoin and different cryptocurrencies. This follows a directive signed via the rustic’s top minister supposed to toughen the felony framework of cryptocurrencies.
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Banning Crypto Use in E-commerce
The Hanoi Division of Business and Industry introduced on Saturday that it has despatched report No. 1638 / SCT-QLTM to “organizations and folks at once or not directly associated with e-commerce industry in Hanoi [to] now not use bitcoin and different digital currencies (cryptocurrencies) to settle e-commerce transactions on-line.” Bringing up that if violations are detected, “they will be strictly handled in line with the provisions of the legislation,” the regulator wrote:
The Division of Business and Industry calls for organizations and people who are at once or not directly eager about e-commerce industry in Hanoi to strictly abide via the above-mentioned rules and don’t use bitcoin and different digital currencies….in fee of e-commerce transactions, on-line purchases and gross sales, [and] fee [of] on-line services and products in contravention of Vietnamese legislation.
Vietnamese Legislation on Crypto
Bringing up provisions of the federal government’s Decree No. 101/2012 / ND-CP on non-cash fee tools, the report reiterates, “bitcoin and different identical digital currencies aren’t felony method of fee in Vietnam; The issuance, provide, use of bitcoin and identical digital foreign money is illegitimate in Vietnam.”
Violations are matter to a “high quality of between VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for people and for organizations with two occasions the high quality degree for private,” the report emphasizes. Moreover, as of January this yr, issuing and the usage of cryptocurrencies “is also matter to legal prosecution.”
Remaining week, the Vietnamese Top Minister Nguyễn Xuân Phúc signed a directive to toughen the control of actions associated with bitcoin and different cryptocurrencies. This follows studies of the rustic’s “greatest virtual cash fraud in historical past,” which duped roughly 32,000 Vietnamese out of VNĐ15 trillion (~$658 million). The police are recently investigating the case.
In the meantime, the Justice Ministry, the State Financial institution of Vietnam (SBV), and similar companies are running at the regulatory framework for cryptocurrencies. In line with the Ho Chi Minh Town Customs Division, the collection of bitcoin mining rigs legally imported into the rustic has skyrocketed since final yr, prompting the dept to suggest a ban on their imports. Previous this yr, the dept published that, within the first 3 weeks of January, virtually eight,000 mining rigs have been legally imported into town.
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