The new law on monetary policy will enter into force in the first quarter of 2018. The only viable method of payment in the country is controlled by the central bank. It’s not really surprising, however. A lot of Asian countries are now concerned about the rapid rise of the cryptocurrency sector.
Although the bank’s statement only mentions bitcoin, next year all cryptocurrencies will be illegal.
The ban happens at an interesting historical moment. Recently, Bitcoin regularly sets new all-time highs. In addition, Bitcoin’s ban will increase the popularity of confidential-oriented currencies. For today, Monero is the only currency that can not be tracked using any known measures.
This decision of the State Bank of Vietnam is unfortunate. However, the final result is obvious: Bitcoin’s ban is practically not an achievable task. Educated people will effectively circumvent this ban