Tag: Vietnam

State Bank of Vietnam Moves to Ban Digital Currency Use

Without any prior warning, it appears the State Bank of Vietnam has recently submitted a legislative proposal to the country’s government meant to ban a wide range of digital currency-related activities. Expensive Fines to be given Recent reports indicate that starting January 1, the supply, issuance, and use of Bitcoin and other digital currencies as a method of payment will be subject to fines ranging from 150 million to 200 million dong, which is …
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Vietnam Will Legalize Cryptocurrencies and Digital Assets By August 2018

Legalizing cryptocurrency remains a topic of substantial debate on a global scale. Although Japan successfully legalized cryptocurrencies a while back, no other country has suddenly felt the need to do the same. Vietnam is one country which plans to fully legalize all cryptocurrencies in the not-so-distant future. The government will also legalize digital assets, which bodes well for ERC20 tokens, among others. The appropriate regulation will take effect by August 2018. Vietnam …
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Bank’s Security Systems Still Vulnerable, SWIFT Says

The institution behind SWIFT, the messaging system that connects the banks all around the world, has said that banks are still vulnerable to computer hacks.  Major financial institutions use the SWIFT network to relay messages between each other. Swift is a platform used by more than 11,000 financial institutions to exchange messages that contain money transference orders. In a given day, the Swift infrastructure handles more than 25 million messages, accounting for billions …
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Vietnamese Officials Warn Consumers on Bitcoin and Digital Currencies

The Vietnam E-commerce and Information Technology Agency (VECITA) has issued a press release warning consumers not to engage in virtual currency transactions online. The release, cites a 2014 statement by State Bank of Vietnam, which declared that digital currencies are not recognized as a legitimate means of payment, and that consumers are not protected under any existing statutes. “The possession, sale and use of “virtual money” as an underlying asset …
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