Headlines have been filled recently with nations deciding what their stance on cryptocurrencies will be. Cryptocurrency specialists have been pleased to hear Russia’s decision to join in with evolving financial markets and develop their own digital currency. But in today’s headlines, it appears that there is bad news for the greater adoption of cryptocurrencies into our global economy, as Vietnam announce that they will be banning the use of all digital currencies from the start of 2018.
The state bank of Vietnam has issued a new monetary law which is scheduled for the first quarter of 2018, and this includes harsh fines imposed on anyone caught to be using digital currencies. These fines can range from between $6,000 to $9,000. They have made it clear that the only legal forms of payment allowed are those controlled and issued by the State Bank.
It has already been hotly debated around the world that banning cryptocurrencies is not the way forward. As they are very hard to monitor on a personal basis, it instead means that individuals will likely continue to trade, but do so in an illegal manner. This will bring no real benefit to anyone and, many believe, the Vietnamese government will instead be missing out on incredible opportunities.
Firms who utilise Digital Ledger Technology will be forced to shut down and take their innovative business ideas elsewhere. Instead, surrounding nations who are accepting this change will be able to grow in line with these evolving markets. It is encouraged that governments would find a way to enforce regulation surrounding the use of cryptocurrencies which would still allow them to maintain control, but limit any kind of illegal trading.
This news is coming as a huge surprise, seeing as in August the Vietnamese Prime Minister seemed to put forward an impetus to find a way to regulate and incorporate the likes of Bitcoin. The story is still evolving, and it is expected that the Vietnamese authorities will release more information soon.