The State 'bans' Bitcoin, what does FPT University say?

After the State Bank announced its ban on Bitcoin, FPT University, which previously announced accepting tuition fees in this currency, also responded.

Bitcoin is a technological, financial and commodity phenomenon that schools training human resources for the 4.0 Industrial Revolution must aim for as a research object. Mr. Le Truong Tung, Chairman of FPT University, affirmed this about the information that this school accepts students to pay tuition fees in this virtual currency.

Mr. Tung said: "Our announcement is just a message to foreign students. Recently, some foreign students at FPT University have not been able to transfer money abroad to pay tuition fees due to strict regulations on foreign exchange management in the host country. Some students even had to drop out of school even though they had money at home.

We tried to find some other solutions but none of them were feasible. After some research, we realized that bitcoin could be the most feasible solution for students in this situation."

» State Bank announces ban on use of virtual currency, bitcoin

Foreign tourists transact at a Bitcoin ATM in District 1, Ho Chi Minh City - Photo: HUU THUAN

The State Bank has just announced that Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam. Will schools continue to follow the announcement in the future?

- In fact, we have not implemented the collection of tuition fees in Bitcoin. The school will also not be able to transact directly with students in Bitcoin, because to transact directly in Bitcoin requires an account and some other factors...

However, these students can still use Bitcoin as a tool to pay tuition fees by going through intermediaries, converting this Bitcoin into money to pay tuition fees without any difficulty.

What is your view on bitcoin?

In my opinion, bitcoin is a technological, financial and commodity phenomenon that universities training human resources for the 4.0 Industrial Revolution must aim at as a subject of research, study and experience...

Unlike traditional currencies, bitcoin is based on technology and its value is measured by the technological effort used to create it. Many organizations, schools, businesses... have now accepted bitcoin as a medium of exchange.

Thousands of bitcoin ATMs have been installed in many countries. People call bitcoin a virtual asset because it is intangible, but it is exactly a digital asset - an asset that exists in the digital space (cyberspace) - with value and its value is determined by the market.

After the State Bank announced that it will punish the acts of issuing, supplying, and using illegal means of payment, including Bitcoin, how will FPT University "deal" with this currency?

- As I said, we have not yet implemented tuition collection in this currency. However, in the near future we will establish a research group on Bitcoin.

This is a new issue of the digital economy that we do not want to ignore... As a university that trains in technology, we think it is very important to learn, research, and experiment with new technological issues, linking it to real life, which is completely possible in the 4.0 era.

Sending the message to students about the possibility of using Bitcoin as a tool to pay tuition is also a step we take closer to this financial-tech phenomenon to research and learn about it.

What recommendations do you have for state management agencies regarding regulations related to bitcoin?

- In the face of new problems arising, new models appearing, in my opinion, state management agencies will have to have appropriate management regulations. For example, in Vietnam, there have been many activities related to Bitcoin, especially transactions and transfers.

Therefore, I really hope that the state management agency will soon have regulations on Bitcoin, because if not, it means we let it operate without being regulated and managed by the law.

Without management, taxes and fees cannot be collected... and situations that the State does not want cannot be avoided.

» The first university in Vietnam to collect tuition fees in Bitcoin

According to Thanh Ha/tuoitre