Cryptocurrency is not a legal payment method in Vietnam: C.bank
Holding, sale and use of cryptocurrencies as an asset pose numerous risks and are not protected by law, stated a central bank official.
The State Bank of Vietnam (SBV), the country’s central bank, does not consider cryptocurrencies legal tender and lawful means of payment in Vietnam, according to Nghiem Thanh Son, deputy director general of SBV’s Payment Department.
Deputy Director General of SBV’s Payment Department Nghiem Thanh Son. Photo: VGP. |
Given the fact that many enterprises are mobilizing capital via cryptocurrencies, the holding, sale and use of cryptocurrencies as an asset pose numerous risks and are not protected by law, said Mr. Son at the SBV’s press conference on September 22.
Mr. Son said the SBV urged organizations and individuals to refrain from investing and transacting cryptocurrencies.
According to Mr. Son, Prime Minister Nguyen Xuan Phuc in 2017 assigned the Ministry of Justice to finalize a proposal on managing cryptocurrencies. Later, the Ministry of Finance was tasked with drafting a legal framework on virtual assets and currencies.
The SBV has also issued decree No.80/2016/ND-CP amending government’s decree No.101/2012/ND-CP on non-cash payments.
In this decree, the SBV did not include bitcoin and other cryptocurrencies as legal means of payment in Vietnam, and banned any act of issuing, providing and using them.
Meanwhile, Mr. Son said the SBV has been promoting non-cash payment methods as part of solutions to prevent the spread of the Covid-19 pandemic.
In addition to the revision of number of laws to promote the application of new technologies in online payment, the SBV is cooperating with related government agencies in drafting a new decree on fintech regulatory sandbox in the banking sector, he informed.
The number of online inter-bank payment transactions jumped 13.61% year-on-year in the seven-month period of 2020, while payment via bank cards surged 29.7%, with a 15.8% increase in value.
The number of mobile payment transactions increased sharply by 184.2% in the number and 186.3% in value year-on-year during the period.
Other News
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
- Vietnam’s capital market shows positive signs: Finance Ministry
- Prime Minister urges banks to cut lending rates further
- Potential upgrade to emerging status may pull US$25 billion into Vietnam’s stock market
Trending
-
Culture is national asset: Vietnam PM
-
Vietnam news in brief- April 19
-
Cultural similarities provide basis for Vietnam-Italy cooperation in various fields
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life
-
Vietnam’s economy urged to rely on internal strengths to weather global uncertainties: ADB
-
Vietnam, Thailand advance realization of “Three Connections” strategy