After China and South Korea stance on ICOs, another country from that area, Vietnam, is making its opinion heard. In a statement published a couple of days ago, the State Bank of Vietnam established that:
according to the provisions of the law has led, Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.
This is probably one of the most radical approaches towards cryptocurrencies in that area. For the record (and as afar as I know) here are the positions of the most important countries in Asia / South-East Asia:
- China: beware of ICOs, we may leave Bitcoin trading happening on p2p, otc platforms in Hong Kong
- South Korea: beware of ICOs, no official position on Bitcoin
- Singapore: we will not regulate Bitcoin
- Japan: we already use Bitcoin in certain payments
The more I look at these regulation attempts, the more I tend to think that the banning of Bitcoin is not related to the intrinsic threat that cryptos are posing to fiat, but more so to the general level of corruption in each and every state.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This news as we may bring little drop in BTC price...
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I agree @dragosroua "but more so to the general level of corruption in each and every state." It is most likely the simple fact "they" would be losing control.
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Wow this gets more interesting by the day. Interesting that you conclude that these oppositions aren't fundamentally a rejection of the disruptive threat posed by cryptos, although I fear that this is coming. They say you cop the most flack when over the target and this seems to me to be playing out in all of these statements. Wonder if the Vietnam release will curb the recent BTC surge. Doesn't seen to have so far given that there have already been days to react.
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I don't think there was too much volume coming from there, anyway. It's more about the trend, than the actual influence on the markets.
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True about HK, where I live. In 2013-14 I could transfer funds from my HSBC acc to ANX, in particular, then without warning, it became OTC only. I spoke with an employee at said company back then and he alluded to the bank being 'reason', which clairified who's pulling the strings. Of course, HSBC are known scumbags, but at the same time.....monetary control is only instigated by fear. Now they should be afraid!
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interesting news thanks for the article
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Yeah. I think they're noticing how much tax evasion is going on for the most part and trying to find a way to prevent it.
ICO bannings are just your typical "regulation" in that consumers are too "dumb" to protect themselves and their own money.
and I think it's government finally catching up to the crypto revolution.
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The regulation about cryptocurrency is still somewhat gray in the area. Although the goverment does not accept it as term of payment. But well, I personally always route my money to somewhere that accept bitcoin outside the area and I personally hate bank so I don't send my crypto there.
I think it's also because throughout Asia, banks are starting to implement online payment and online money. So cypto is definitely a competitor.
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Very good job @dragosroua . . . 👍
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brace yourself guys fud coming soon
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