The State Bank of Vietnam declared today, that the use of digital currency as any form of payment is declare illegal and will be subject to up to US$9,000 in fines if found guilty of use.
Based on this new monetary law that is being put in place, any use of digital assets or cryptocurrencies will be consider completely illegal starting in the first quarter of 2018.
A new and thriving industry to turn to dust.
Terrible news for Vietnamese exchanges and ethusiasts as trading markets were beginning to trade at record highs.
This is another example of a governmental body, due to lack of understanding and fear of the loss of control, making a decision that will lead the halting of a great economic opportunity.
Stepping On Their Own Feet
Regardless of the law in place, Bitcoin and cryptocurrencies alike cannot be stopped or controlled, just like torrenting. All that is being done is the crippling of a possibly thriving industry.
Only time will tell, but this is generally a terrible economical decision for Vietnam.