Vietnam – FUD surrounding Bitcoin ban - Legislation planned for 2018

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Bitcoin wasn't banned, you just can't list prices in Bitcoin - In Vietnam

It would seem the media will grab onto any announcement and attempt to turn it into a sensation without proper research, or just to create click-bait. A report landed today that Vietnam had declared Bitcoin illegal. Turns out, this doesn't quite appear to be the case.

The Bitcoin.VN / VBTC.exchange management board released useful statements in both English and Vietnamese language explaining the State Bank's release, which clarifies the story as FUD. The full article can be read here

Basically, all the Vietnam law states is that you are not supposed to offer goods or items for sale and accept payment in Bitcoin. The coin is banned only as a legal form of payment. Much like cows and goats are also not recognized as legal currency, yet they can still be traded among individuals.

It would seem that more research turns up more good news for the cryptocurrency in Vietnam. On August 21st, the Vietnamese prime minister officially signed the plan to fully legalize digital assets and cryptocurrencies by 2018

The statement coming from Vietnam central bank merely re-affirmed the current status, that Bitcoin is not a legal form of payment in the country. It would seem then that Vietnam need only await more legislation to pass in 2018 to start reaping the harvest of economic benefits cryptocurrency and digital assets has the potential to bring.