The Hanoi Department of Industry and Trade has banned organizations and individuals involved in e-commerce businesses in the city from using Bitcoin and other cryptocurrencies to settle transactions online, in a document issued to relevant parties on April 13.
The document cites government decrees on non-cash payment instruments, emphasizing that “the issuance, supply, use of Bitcoin and similar virtual currencies is prohibited in Vietnam.” Violations are subject to a “fine of between VND 150 mln ($6,608) and 200 mln ($8,810) for individuals and organizations.” Furthermore, as of January 2018, issuing and using cryptocurrencies “may be subject to criminal prosecution.”
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