Vietnam Banned Cryptocurrency Payment in E-Commerce.

    2018/04/16 11:54 Angel lv Created with Sketch.

Cointime (April 16) — The Hanoi Department of Industry and Trade released a statement to ban cryptocurrency payment on E-Commerce. 


The Statement said, 

 “April 13, Department of Industry and Trade has Document No. 1638 / SCT-QLTM sent to organizations and individuals directly or related to e-commerce business in Hanoi do not use Bitcoin and other Another virtual analog currency (cryptocurrency) in e-commerce transaction settlement, online service” (roughly translated by Google).

Following the report of the recent cryptocurrency fraud (reportedly around $658 million), Vietnam strengthened its cryptocurrency regulation last week. 

The Prime Minister Nguyen Xuan Phuc also called for the tightening of oversight on cryptocurrency-related activities. 

The press release further stated, the violators will be subjected to VND 150,000,000 to 200,000,000 (around $6,592 to $8,790).  Furthermore, the act of issuing, providing, and payment of cryptocurrency will be subjected to criminal prosecution. 

    Adapted from: CoinTime Executive editor: Angel
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