THELOGICALINDIAN - The Hanoi Department of Industry and Trade has banned organizations and individuals complex in ecommerce business in the burghal from application bitcoin and added cryptocurrencies This follows a charge active by the countrys prime abbot advised to strengthen the acknowledged framework of cryptocurrencies
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Banning Crypto Use in E-commerce
The Hanoi Department of Industry and Trade appear on Saturday that it has beatific certificate No. 1638 / SCT-QLTM to “organizations and individuals anon or alongside accompanying to e-commerce business in Hanoi [to] not use bitcoin and added basic currencies (cryptocurrencies) to achieve e-commerce affairs online.” Citing that if violations are detected, “they shall be carefully dealt with according to the accoutrement of the law,” the regulator wrote:
Vietnamese Law on Crypto
Citing accoutrement of the government’s Decree No. 101/2012 / ND-CP on non-cash acquittal instruments, the certificate reiterates, “bitcoin and added agnate basic currencies are not acknowledged agency of acquittal in Vietnam; The issuance, supply, use of bitcoin and agnate basic bill is banned in Vietnam.”
Violations are accountable to a “fine of amid VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for individuals and for organizations with two times the accomplished akin for personal,” the certificate emphasizes. Furthermore, as of January this year, arising and application cryptocurrencies “may be accountable to bent prosecution.”
Last week, the Vietnamese Prime Minister Nguyễn Xuân Phúc signed a charge to strengthen the administration of activities accompanying to bitcoin and added cryptocurrencies. This follows letters of the country’s “biggest agenda money artifice in history,” which bamboozled about 32,000 Vietnamese out of VNĐ15 abundance (~$658 million). The badge are currently investigating the case.
Meanwhile, the Justice Ministry, the State Bank of Vietnam (SBV), and accompanying agencies are alive on the authoritative framework for cryptocurrencies. According to the Ho Chi Minh Burghal Customs Department, the cardinal of bitcoin mining rigs accurately alien into the country has skyrocketed back aftermost year, bidding the administration to adduce a ban on their imports. Earlier this year, the administration appear that, in the aboriginal three weeks of January, about 8,000 mining rigs were accurately alien into the city.
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