Business
State Bank of Vietnam (SBV) warns illegal bitcoin
Credit institutions are not allowed to use bitcoin and other virtual currencies.
Despite disapprovals from authorities, Vietnam’s first online bitcoin trading floor called VBTC has made its official debut at www.vbtc.vn, nearly three months behind original schedule.
VBTC was jointly founded by VBTC Vietnam Co. Ltd. and Israeli firm Bit2C. Earlier, VBTC was expected to start operations in April.
Nguyen Tran Bao Phuong, executive officer of VBTC Vietnam Co. Ltd., said the website was running on a trial version in June before coming online on July 9, allowing unlimited bitcoin trading in Vietnam.
Phuong said Vietnam is a promising land for bitcoin development. The company pledges to strictly follow all the rules on the use of the bitcoin in Vietnam.
In March, the enterprise submitted a dossier to the Ministry of Industry and Trade’s E-Commerce and Information Technology Department to ask for approval to establish the trading floor at www.bitcoinvietnam.com.vn.
However, the department, which oversees commercial websites in Vietnam, turned down the application, saying that this trading floor has not been registered legally in the country.
The State Bank of Vietnam (SBV) earlier warned that bitcoin and other virtual currencies were not legal tender. Credit institutions are not allowed to use bitcoin and other virtual currencies.
Thus, the central bank told organizations and individuals not to invest in and keep bitcoins, and offer services connected to them and other crypto currencies.
Phuong said the company was working with the authorities concerned over bitcoins.
Phuong said the company was ready to cooperate with the Government agencies to prevent bitcoin-related crimes. Many countries have found it hard to prevent bitcoin trading, Phuong said.
Bui Quang Tien, head of the Payment Department under the central bank, said the department did not issue any license for the exchange. He added that bitcoin and other virtual currencies are not a permitted means of payment in Vietnam.
The department will work with the public security forces to tackle operators of the exchange, Tien stressed.
Nguyen Tran Bao Phuong, executive officer of VBTC Vietnam Co. Ltd., said the website was running on a trial version in June before coming online on July 9, allowing unlimited bitcoin trading in Vietnam.
Phuong said Vietnam is a promising land for bitcoin development. The company pledges to strictly follow all the rules on the use of the bitcoin in Vietnam.
In March, the enterprise submitted a dossier to the Ministry of Industry and Trade’s E-Commerce and Information Technology Department to ask for approval to establish the trading floor at www.bitcoinvietnam.com.vn.
However, the department, which oversees commercial websites in Vietnam, turned down the application, saying that this trading floor has not been registered legally in the country.
The State Bank of Vietnam (SBV) earlier warned that bitcoin and other virtual currencies were not legal tender. Credit institutions are not allowed to use bitcoin and other virtual currencies.
Thus, the central bank told organizations and individuals not to invest in and keep bitcoins, and offer services connected to them and other crypto currencies.
Phuong said the company was working with the authorities concerned over bitcoins.
Phuong said the company was ready to cooperate with the Government agencies to prevent bitcoin-related crimes. Many countries have found it hard to prevent bitcoin trading, Phuong said.
Bui Quang Tien, head of the Payment Department under the central bank, said the department did not issue any license for the exchange. He added that bitcoin and other virtual currencies are not a permitted means of payment in Vietnam.
The department will work with the public security forces to tackle operators of the exchange, Tien stressed.
