According to recent directive of the SBV Governor on continuing to effectively implement the key tasks and solutions of the banking sector within 2016-2020 The State Bank of Vietnam will begin to instruct relevant units on how to stop possible illegal uses of cryptocurrencies.
All this started since directive 02/CT-NHNN was released. Under the directive, credit institutions and organizations providing intermediary payment services are not allowed to conduct cross-border transactions related to cryptocurrencies which may be abused for money laundering, terrorist financing, tax evasion or fraud. This is an example what kind of information letter local Banks were forced to send to its clients.
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2018 August Directive update
According to State Bank of Vietnam relevant units will be instructed on how to further control cryptocurrency-related trading and activities. In addition, they are required to intensify inspections and promptly report on suspicious transactions related to cryptocurrencies as well as those engaged in cryptocurrency trading, otherwise, violators might be fined 150-200 VND (7000-8000USD) penalty each.
The Central Bank of Vietnam stipulates that the only legal method for cashless payment in Vietnam is the cheque, payment slip, receipt, bank card and other methods specified by SBV. According to the new criminal law in Vietnam, the provision and use of illegal payment methods may also be a criminal offence.
List of further activities by State Bank of Vietnam till 2020 regarding non-cash payments
- Continue to implement effectively the Scheme on non-cash payment promotion in Vietnam for 2016-2020 period;
- implement the Scheme on enhancing payments via banks for the collection of public service fees such as taxes, electricity, water, education, healthcare and social security payments;
- urgently finalize the legal framework for payments to meet the practical requirements;
- further strengthen the application of high-tech to the payment activities in Vietnam; enhance the supervision of the payment systems to ensure safe and sound banking operations;
- strengthen the inspection and handling strictly with any violations regarding the payment activities and payment intermediary services;
- instruct relevant units to implement effectively the measures as mentioned in Directive No.02/CT-NHNN dated April 13, 2018 on measures of controlling transactions and activities related to cryptocurrencies.