Bitcoin is not banned in Vietnam and should not be banned in the future, said lawyers at the 2018 Investment and Business Opportunities Conference in Thanh Hoa Province last Friday.

Lawyer Truong Thanh Duc says bitcoin is not and should not be banned in Vietnam

Lawyer Truong Thanh Duc, chairman of Banking-Securities-Investment Law Co Ltd (BASICO), said bitcoin is not banned by the 2013 Constitution and the 2014 Investment Law. According to Duc, people are allowed to trade in, present and exchange bitcoin but not to use it as a means of payment.

Duc said Article 206 on violations in the operation of credit institutes and branches of foreign banks bans the provision and use of illegal means of payment. Meanwhile, bitcoin is not a technology but a product of technology. It is neither digital money nor coded money and has no direct relation to money.

Noah Eric Silverman, an expert on artificial intelligence and founder of Helios, said there are three main ways to use the cryptocurrency in the world. In some countries, it is considered a type of investment like gold or a business tool. It could also be used as currency in some others such as Japan.

According to Silverman, Asian people are interested in bitcoin and some have used bitcoin for real estate transactions.

Can Van Luc at the Bank for Investment and Development of Vietnam (BIDV) said a survey shows six of 10 Asian countries have accepted and had legal frameworks that govern bitcoin while some others such as Vietnam, South Korea and China are still cautious over the cryptocurrency.

“We should not ban bitcoin but seek ways to effectively manage it,” Luc said.

SGT