Hanoi Department of Industry and Trade has just opted for some serious measures. It has put a stop to cryptocurrency use. This means e-commerce businesses and individuals can no longer opt for digital currency to settle the online transactions.
These orders are to be followed seriously and there will be no relaxation in case of a violation. The reason is that digital currencies have not been able to acquire a legal status in Vietnam. People or companies that violate this rule will have to pay a fine of about VND 150,000,000.
The Prime Minister of Vietnam also feels that there is a dire need to monitor digital currency related activities. The purpose of all this effort is to avoid any fraudulent activity that can cause serious financial harm to the citizens of Vietnam.
The Justice Ministry is also playing its due role in Vietnam and it is working day and night to come up with a solid framework for the digital currencies. The important thing is that the locals should go with the rules to avoid an unpleasant situation.
Violating the rules can lead the cryptocurrency users into a lot of trouble which they should avoid by all means for sure. The ideal move will be to only opt for digital currency when the environment is favourable.
When the digital currency users will stick to the law, then they will be able to make use of the digital currency without any fear and will be able to benefit from this practice. The actions of the Government is also justified from their perspective.
Only when a country has a flawless framework it can promote the use of digital currencies. It is important to address the loopholes so that people are not able to cash out on the loopholes in a negative way.
One thing can be hoped that Vietnam will not impose this ban for all times to come. This is why the digital currency users should not be disappointed. In fact the use of digital currency will benefit the users more in the presence of a strong framework.
At the moment it is essential that the Government and the justice department should investigate why any fraudulent activity took place so that such incidents can be avoided in the future. In fact such incidences carve a negative image related to cryptocurrency and embed doubts in the minds of all those who are planning to invest in digital currency.