Only Dong, not cryptos a legal payment method in Vietnam, says the central bank

Asia Vietnam

Only the national currency, the Vietnamese Dong, can be used as a form of payment in the country, says Vietnam’s central bank, deeming cryptocurrencies illegal.

“The Vietnamese Government does not recognize and allow the Bitcoin using transactions and is not responsible to resolve the arising disputes relating to the Bitcoin using transactions,” reads the bank’s statement.

Simultaneously, the Ministry of Public Police pointed to the disruptive nature of Bitcoin which can be used to dodge taxes and facilitate crime and even undermine “the people’s confidence in the government.”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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