State Bank declares ban on use of virtual currency, bitcoin

The State Bank confirmed that the issuance, supply and use of bitcoin and other similar virtual currencies will be subject to administrative fines ranging from VND150 million to VND200 million.

Warning about "high-profit virtual currency investment" FPT University accepts to collect tuition fees in Bitcoin Is FPT University's collection of tuition fees in Bitcoin in accordance with regulations?

On the morning of October 28, in a document sent to the press, the State Bank affirmed that bitcoin and other similar virtual currencies are not legal means of payment in Vietnam.

The issuance, supply and use of bitcoin and other similar virtual currencies as a means of payment is prohibited in Vietnam.

The State Bank of Vietnam cites Clause 6, Article 4 of Decree 101/2012 on non-cash payments, which stipulates that means of payment include: checks, payment orders, payment authorizations, collections, collection authorizations, bank cards and other means of payment as prescribed by the State Bank.

Clause 7, Article 4 of this Decree also clearly states that illegal means of payment are means not covered by the provisions of Article 6.

Also according to the State Bank, acts of issuing, supplying, and using illegal means of payment (including bitcoin and other similar virtual currencies) will be subject to administrative fines ranging from 150 million to 200 million VND.

This is the content stipulated in Clause 6, Article 27 of Decree 96/2014 on administrative sanctions in the field of currency and banking activities.

At the same time, from January 1, 2018, acts of issuing, supplying, and using illegal means of payment (including bitcoin and other similar virtual currencies) may be subject to criminal prosecution according to the provisions of Point h, Clause 1, Article 206 of the 2015 Penal Code (amended and supplemented in 2017).

Three days ago, FPT University's announcement that it would accept students paying tuition fees in bitcoin, initially applicable to foreign students, attracted public attention and debate.

Some opinions support and believe that bitcoin is a technological product and FPT University has a new breakthrough, but on the contrary, many opinions express concern about allowing the use of bitcoin to pay tuition fees because this is a "virtual" currency, with no state management regulations.

According to the leader of FPT University, the school will start testing the collection of tuition fees in bitcoin because this is a feasible solution for many foreign students studying at the school.

It is African students, especially from Nigeria, who find it very difficult to transfer money abroad to pay their tuition fees.

According to TTO