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Challenges of real and virtual

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Tran Cong
Challenges of real and virtual

It can be said that, in monetary terms, Bitcoin has been completely excluded from the payment systems of banks and credit institutions in Vietnam. But whether Bitcoin is treated like certain goods or toys is still a matter of debate.
The Department of E-Commerce and Information Technology (Ministry of Industry and Trade) also spoke out because Bitcoin virtual currency has not been regulated as a goods or service in current legal documents, so it is not subject to the regulation of Decree 52/2013 / ND-CP. Therefore, the Department of E-commerce and Information Technology does not accept the notification or registration of Bitcoin trading websites such as sales e-commerce websites or e-commerce exchanges. However, the notion that Bitcoin has no regulation to call it a commodity is somewhat uncertain. Obviously a lot of people can prove Bitcoin as a commodity. This is a product of human-created creative intelligence and has transactions in the world market. As the Department says, any product in the world with a new name is brought into Vietnam will risk ... not being called a commodity.

On the other hand, Vietnamese law stipulates that everyone is allowed to trade in everything that the law does not prohibit. Bitcoin has only been banned by the State Bank as a means of payment on the systems of banks and credit institutions as a currency. And is it a banned product or not, the state management agencies need to prove its danger and toxicity.

Once there is a document from a competent authority that clearly identifies this as a prohibited commodity, Bitcoin traders and traders will be considered illegal business if they continue. But with Bitcoin, there are still many different opinions. Some people believe that it is harmful to the financial and monetary system. Another said this is a product of the future. Only it is not suitable for many economies because it has not been properly researched and managed ... We still have to wait for a clear and formal decision from a functional agency like the Ministry of Industry and Trade, or Interdisciplinary decisions of many agencies on the Bitcoin issue.

Still has a certain foothold in Vietnam

Nguyen Hai Thanh - Finnish student - Bitcoin community

You will receive money transferred to: btc to paypal

Although, the State Bank (SBV) and the Department of E-Commerce and Information Technology under the Ministry of Industry and Trade said that Bitcoin virtual currency has not been regulated as a goods or service in legal documents. current and does not accept the notice and registration of Bitcoin trading websites such as sales e-commerce website or e-commerce trading floor.
Although the authorities banned some Bitcoin websites in Vietnam, they still operate, bringing with them some other businesses. However, after a period of testing, on July 9, 2014, this floor officially launched: www.vbtc.vn. Thus, although the SBV has officially announced that it does not accept Bitcoin, this virtual currency, in my opinion it seems to still have a certain foothold in Vietnam.

Online Bitcoin exchange www.vbtc.vn was founded by VBTC Company Limited (Vietnam) and Bit2C Company (based in Israel), in my opinion the official launch and trading has affected the Underground trading floors have been operating for a long time and gradually went public. My opinion is that instead of banning, leading to underground operations, the State should improve the legal mechanism governing Bitcoin.

From reality shows, licensing or not licensing Bitcoin exchange in Vietnam does not affect investors. The Bitcoin community was more or less affected, but they also anticipated the scenario from the regulator. I think, the regulator needs more time to learn more about this currency. On the Bitcoin community side now we just want this virtual currency to be known widely in the Vietnamese market.

Even at the first coffee shop in Hanoi to accept Bitcoin transactions, "show" the sign "accept Bitcoin payment - bitcoin accepted here", the owner said, will not remove this sign, because here Just a form to promote the restaurant as well as this new kind of transaction.

Although Bitcoin transactions at the shop are not significant, customers come to the shop more than before due to partial curiosity, partly wanting to learn and share about this currency. This is what the Bitcoin community is all about.

Trading with virtual currencies reduces the value of real money

Mr. Bui Van Mai - Standing Vice Chairman cum General Secretary of Vietnam Association of Certified Public Accountants

 

I think that when the law does not allow the first online Bitcoin exchange to remain active, the authorities will be difficult to control, especially in the event of lawsuits there will be no legal basis. to solve.

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