Bitcoin advocate in US Senate. If the US government does consider banning bitcoin, at least one senior politician will strongly oppose it. Republican Senator-elect Cynthia Lummis, a former state treasurer, is a staunch advocate of the leading crypto. In an ABC News interview, the Wyoming senator asserted that bitcoin is superior to the US dollar. Jun 08, · Cryptocurrency arrived in Vietnam in , and the likes for Bitcoin, Ethereum, Litecoin and Ripple started to appear in the form of an alternative for cold hard cash. People were in search of different ways to transfer and receive money from the overseas bank account without any hassles & heavy fees and found a better option in Cryptocurrencies. Nov 11, · Ho Chi Minh City-headquartered Bitcoin Vietnam is currently the most popular, as reported by Cryptocurrencyhub. The company that operates it also launched the Vbtc trading platform.
Bitcoin banned in vietnamBitcoin ban? No way, says Raoul Pal - Asia Times
Japan, for example, has recently passed a law that makes Bitcoin a legal form of online payment, removing taxes and setting up a regulatory framework for Bitcoin-based businesses. However, not all countries are as forward thinking especially when it comes to cryptocurrencies.
Believe it or not, Bitcoin is still illegal in some countries , which says a lot about Bitcoin as a disruptive technology. All of the countries listed below banned Bitcoin in , following the Mt. Gox disaster. Although Bitcoin can be freely used by citizens, the State Bank of Vietnam issued a statement in February warning against the use of Bitcoin and prohibiting credit institutions to deal with the cryptocurrency.
All bitcoin exchanges that allow users to trade anonymously, therefore, can be used to launder dirty money, sell drugs, hide from paying taxes, exchange and pay for illegal activities. According to a statement issued in March by the Central Bank of Iceland, dealing with Bitcoin may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country and that foreign currency cannot be used in the country. Bitcoin mining is legal in the country and so is transacting with Bitcoin, but apparently if those Bitcoins cannot be purchased from a foreign exchange or have to be mined in Iceland.
This leaves a lot of room for questions. The statement reads:. There is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency. For this reason alone, transactions with virtual currency are subject to restrictions in Iceland. The government of Vietnam cites many official reasons for the need for regulations and ban them as a means of payment,.
On 21 August , the Prime Minister, Nguyen Xuan Phuc approved a project to complete the legal framework for managing digital assets and their activities. In the directive, Bitcoin and similar cryptocurrencies were banned for using them as a mode of payments for any goods or services.
But the users were free to invest in Cryptocurrencies. In February , The Ministry of Justice, a government agency responsible to develop and implement rules and regulations in the country, also filed a report that reviewed the current legislation on crypto-related business in the country.
They proposed three different policies that the government could consider and start working on the policy selected by the government. They are,. Recently on May 11 , the Vietnamese Finance Ministry has approved to establish a research group to review, analyse and develop various regulatory policies around crypto-assets. The research group would be comprised of nine members of the group of the following departments,. As you have already aware of the fact that, Bitcoin and other cryptocurrencies are not considered as legal tenders and are banned to use them as a mode of payment, the tax policies are also not framed yet.
The tax authorities have lost a lawsuit against a local citizen who was been taxed on the Bitcoin earnings. As the cryptocurrencies are not considered as a legal asset under Vietnamese law, the court ruled the authorities that they have no right to tax him.
The Cryptocurrencies remain illegal as of now and restricted with the use of payment methods and so the mining. However, the Ministry of Industry and trade expressed displeasure towards the ban and also showed concern over the decline in the mining business. It is unclear whether the ban might include other cryptocurrencies, as the Bank did not elaborate beyond Bitcoin specifically. However, unlike China, the Bank of Indonesia decided to ban Bitcoin only as a payment mechanism, not as a mode of exchange.
The State Bank of Vietnam also released a statement that all cryptocurrencies, including Bitcoin, are illegal methods of payment. The Philippines, in another neighboring country, taking a contrary approach, recently legalized bitcoin. And in Japan, cryptocurrency is a booming industry.