Vietnam issues warning against Bitcoin; uses Mt. Gox's example

Last updated on January 2nd, 2018 at 12:00 am

The State Bank of Vietnam just issued another warning against cryptocurrency and decided to cut all the potential connections between Bitcoin and the country’s credit institutions. These businesses are forbidden to offer any Bitcoin-related services from now on.

According to the Vietnam News Agency, Bitcoin and other cryptocurrencies are not classified as legal tender or considered a means of payment in Vietnam and credit institutions are not allowed to use digital currencies to provide services to customers.

This is the second warning issued by the Vietnamese institution. The first one, which also stated Bitcoin was not recognized as a legitimate payment method in the country, was issued on February 14th. It also listed the “traditional” dangers such as money laundering, tax evasion, high volatility and the high risk of speculation.

Like in many other countries, Vietnamese Bitcoiners won’t be protected by the financial institutions in case of money loss. Still, the document didn’t explicitly banned Bitcoin, only in the case of banking-related businesses.

Although the two statements issued by the State Bank of Vietnam are quite similar, the site Coindesk reports an important novelty present in the second document. The official warning refers the recent collapse of Mt. Gox and also lists other hacking attempts that have previously affected exchanges like Bitstamp.

The statement also refers other warnings issued by countries like Thailand or China to “prove” that Bitcoin is definitely dangerous to the users.

Featured image from Wikimedia

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