Home Finance

First bitcoin online trading floor in Vietnam illegal

Apr 2nd at 13:19
02-04-2014 13:19:06+07:00

First bitcoin online trading floor in Vietnam illegal

The Ministry of Industry and Trade (MoIT) has warned the first online Vietnam Bitcoin Trading Centre (VBTC) is illegal and all of its trading activities are not protected by law.

The warning was released after Bitcoin Vietnam Ltd. Co. and Bit2C, an Israel-based bitcoin trading floor, announced that their recently established VBTC at www.bitcoinvietnam.com.vn is due to debut in late April.

However, the MoIT’s E-Commerce Trade and Information Technology Department that oversees commercial websites in Vietnam said “this trading floor” has not been registered legally in the country.

An official of the department said the dossier for establishing the website has been also turned down by the State management agency.

He said bitcoin is not considered a commodity or service in all current legal documents in Vietnam, and it is not subject to amendments to the government decree 52/2013/ND-CP on e-commerce.

The State Bank of Vietnam recently announced bitcoin and other virtual currencies are not legal tender or a permitted means of payment in Vietnam.

vietnamnews

MOST READ

NEWS SAME CATEGORY

Central bank adds to forex reserves
FINANCE Apr 2nd at 09:28

Central bank adds to forex reserves

The State Bank of Viet Nam (SBV) purchased roughly US$7.7 billion worth of foreign currency for the national foreign exchange reserve in the first quarter this year...

State bank governor suggests lower lending rates
FINANCE Apr 1st at 13:32

State bank governor suggests lower lending rates

Lending rates may go down by another 1-2 per cent this year.

Clients angered as banks boost fees
FINANCE Apr 1st at 13:27

Clients angered as banks boost fees

Many commercial banks are raising their fees, but the quality of their services has not kept pace.

Vietinbank expands to Laos
FINANCE Apr 1st at 10:39

Vietinbank expands to Laos

The Viet Nam Joint-Stock Commercial Bank for Industry and Trade (VietinBank) has opened a transaction office in Pakse town in the southern Laos province of...

SBV prohibits movement of undeclared gold
FINANCE Apr 1st at 10:29

SBV prohibits movement of undeclared gold

Vietnamese and foreign individuals have been banned from carrying gold bars and gold raw materials when leaving or entering Viet Nam from May 15.

Standard Chartered Bank Vietnam awarded Golden Dragon Award 2013
FINANCE Mar 29th at 15:02

Standard Chartered Bank Vietnam awarded Golden Dragon Award 2013

Standard Chartered Bank Vietnam was just honoured the Golden Dragon Award 2013 for ‘Most Favourite International Bank’.

Workers fail to lodge tax returns
FINANCE Mar 28th at 13:20

Workers fail to lodge tax returns

More than 80 per cent of taxpayers in Ha Noi are yet to settle their tax bill with only a few days until the deadline.

Online bitcoin trading floor set up
FINANCE Mar 27th at 13:25

Online bitcoin trading floor set up

Contrary to all predictions that the bitcoin would “die young” in Vietnam because of the rejection of the State Bank, the bitcoin still brims with vitality.

SBV creates more tools to help settle bad debts
FINANCE Mar 26th at 13:19

SBV creates more tools to help settle bad debts

The watchdog agencies are considering laying the “rails” for VAMC (the Vietnam Asset Management Company) to go ahead to settle the bad debts it buys from credit...

New circular won't affect indirect investment
FINANCE Mar 26th at 11:14

New circular won't affect indirect investment

A newly-issued circular from the State Bank of Viet Nam would not affect foreign indirect investment (FII) in Viet Nam, according to experts.

Read More

Bank stocks

Insurance stocks

MOST READ

Back To Top