Crackdown on Bitcoin Again; Vietnam! - MnTrendsNews

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Monday, 25 December 2017

Crackdown on Bitcoin Again; Vietnam!

Following reports that some cafés and restaurants still accept Bitcoin as payment, the Vietnamese government has announced that they would be investigating establishments around the country that accept the digital currency as payment.

Despite warning from the State Bank of Vietnam on the currency,  there are reports of the cryptocurrency still being used to purchase goods and services.

Vnexpress quoted an official speaking on cafés and restaurants accepting the digital currency in Ho Chi Mhin, saying:
Authorities in Ho Chi Minh City will be
working with the country’s central bank
to ‘handle violations’ at several
restaurants and coffee shops in the
city that have been accepting bitcoin as
payment… We have also asked the city’s
police department to work with us.

A survey by infonet shows that there are about 4 Bitcoin ATMs (BTMs) in Vietnam with all appearing in Ho Chi Minh city and all listed on BTM tracking website Coinatmradar.

One of the machines is located in a coffee shop at Ly Tu Trong and there are growing BTM customers using it and requesting to pay with Bitcoin.

Vnexpress reported about the use of BTC saying;
At some cafes in the center of District
1, despite the [sign saying] “Bitcoin
Payments Are Not Accepted,” they are
in demand from customers (Vietnamese
and foreigners), [and] the staff is still
handling [it].

Bitcoin Vietnam Nguyen
Viet Bach reports that the number of Bitcoin Market participants have doubled from 30,000 in 2016 to 60,000 in 2017.

See Also: Wikileaks Welcomes Crypto-Donations!

The Ho Chi Minh City Custom Bureau has also reported increase in the importation of Bitcoin mining rigs reaching up to 1,478.

This is despite that the government has cracked down on the digital currency recently. Though the currency isn't banned in Vietnam,  it's use as a means of payment attracts a fine of up to 150 to 200 million dongs with is about US$8,800.

What do you think?  Does our beloved digital currency have a future in Vietnam? Can the Vietnamese government stop its growth?

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