
Starting in 2018, using cryptocurrencies in Vietnam will be illegal - mbgaxyz
https://blockexplorer.com/news/starting-2018-using-cryptocurrencies-like-bitcoin-vietnam-will-illegal-subject-9000-fine/
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brad0
As far as I understand it this is a move by governments to prevent money from
leaving their borders. VND is a currency useful only in Vietnam. Bitcoin has
no borders - this means they can't constrain that value inside the country.

I feel like I've only scratched the surface as to why governments would want
to do this. What else is there?

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influx
Could make the case it is used for black market purchases or funding
terrorists, or rogue governments.

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Fast_Sasquatch
so... same as paper money then? quick better outlaw that too.

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dangerbird2
There is a limited supply of U.S. dollars in a country like Vietnam, which
naturally limits its use in illicit trade. Both paper money and
cryptocurrencies have to be converted into "clean" money that can be deposited
into banks to pay taxes and expenses. While paper money requires expensive and
potentially dangerous laundering operations lest you end up with warehouses
full of bills, you can hold crypocurrencies in a wallet for no cost until its
needed to be laundered and exchanged for real income.

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saagarjha
> As such, Bitcoin and other similar virtual currencies are not legal means of
> payment in Vietnam.

How can you make a means of payment illegal? Is bartering illegal, or do I
_have_ to use cash or checks? I don't understand how you can legally block the
use of a cryptocurrency without ruling these out.

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a012
Yes, you have to use cash or checks or cards in VND in Vietnam, sellers are
prohibited to accept any foreigner currencies. Even listing as USD/EURO/etc.
is illegal in VN. You can use any foreigner currencies only when your business
are reviewed and even when accepted, it's very restricted.

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vfulco
Try not to bump into the sea of money changers in the major cities.

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pejrich
There's not really a sea of money changers here, in fact there's not many
outside the backpacker/tourist area downtown. Also, the fact that the country
has a few money changers is different that regular businesses accepting
currency besides VND. Trying paying for your dinner with USD, I would imagine
80% would not accept it, and the 20% that do, would only do so if you paid at
a rate that made it worth their while to go and change it themselves.

As an American living here, I'm all for it. The Vietnamese currency is far
superior the American currency. All bills, no coins. Plastic bills that don't
rip, and can get wet.

