Starting 2018, using cryptocurrencies like Bitcoin in Vietnam will be illegal and subject to a $9,000 fine
The State Bank of Vietnam (SBV) has amended its monetary regulations to make Bitcoin and similar virtual currencies illegal. In an announcement revealed today it is now illegal to issue, supply or otherwise use Bitcoin because it has been designated as an illegal means of payment. The SBV notice clarified that the only officially accepted means of payment in Vietnam are checks, payment orders, payment orders, collection orders, bank cards as well as any other payment instruments approved by the State Bank. The move against cryptocurrencies follows similar bans on centralized virtual currencies, often used for gaming or gambling, as well.
While no other altcoins like ZCash, Ethereum, Litecoin, Ripple, and others are specifically named, its pretty clear that Vietnam is also considering these other cryptocurrencies to be illegal means of payment, as well. Whats the penalty for using illegal means of payment? 150 million to 200 million VN which translates to roughly $9,000 USD.
This is a typical news which we're seeing in many countries, if you have been observant all these countries will deem bitcoins and cryptos illegal but they'll feel shy to officially ban it.
Now let's take Vietnam case, there is absolutely nothing to be worried about, unlike fiat currency bitcoin cannot be bound within a particular border, the citizens of Vietnam can freely buy and sell it in different countries and can accept alternate payments.
As bitcoins can't be traded, only the exchanges if any will be effected as they would have to disclose their incomes, otherwise the general public won't be effected as there is no mechanism to track whose the seller and buyer of bitcoins.
There're sites like local bitcoins which will help people, buy and sell however one should do a due diligence of the seller and buyer.