The State of Bitcoin in Vietnam – a Hidden Gem
Despite opposing media reports following the warning from the State Bank of Vietnam regarding related risks of Bitcoin, Bitcoin usage was never prohibited in Vietnam. The State Bank of Vietnam declared that Bitcoin is not legal tender in Vietnam, as well as that funds/payments in Bitcoin are not protected by the law, which is a correct interpretation of the existing laws.
In fact, the State Bank of Vietnam is currently looking in cooperation with the relevant unit of the Department of Public Security to define applicable regulations for Bitcoin usage in Vietnam. The management board of Bitcoin Vietnam Co. Ltd. is looking forward to continue the commenced discussions in order to support responsible authorities during this process with necessary knowledge in this technological breakthrough innovation.
Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009. It is a currency which uses cryptography to control the creation and transfer of money. The Bitcoin network provides a decentralized, distributed ledger system and is widely accepted as a technical breakthrough regarding the Byzantines Generals Problem.
The peer-to-peer payment system and cryptocurrency is a milestone in computer sciences and will be the beginning of the second digital revolution after the innovation brought by the Internet.
The main advantages of receiving Bitcoin payments are:
● No chargeback / fraud risks for merchants
● Significantly lower transaction fees
● Truly global payments network / merchant will be able to receive payments from anywhere in the world
● Protecting privacy of the customer / no identity theft possible
● No need for PCI compliance due to the needlessness of storing sensitive customer data
The usage and understanding of Bitcoin in Vietnam is still in its early stage but the community and general interest is expanding at a rapid pace. While only a handful of web based businesses and brick-and-mortar-stores currently accept Bitcoin for products and services, first efforts are made to establish a Bitcoin Vietnam Foundation as a nation- wide association of Bitcoin users and professionals under the umbrella of an already established nationwide technology association in order to promote and spur education and knowledge in Vietnam to create a fruitful environment for the domestic Bitcoin economy.
Bitcoin Saigon is Vietnam’s first regular public Bitcoin meetup group and has presented domestic as well as several international speakers of the Bitcoin / Cryptocurrency industry i.a. from China, Silicon Valley, New York City, France, Czech Republic, Northern Ire- land, Malaysia etc. Speakers who have been able to give insight about this booming technology to attendees in their local vicinity over the course of the last 1,5 years.
Disclaimer: This is a part of the original Bitcoin press release from Bitcoin Vietnam.
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