The State Bank of Vietman has banned the use of the cryptocurrencies for payments, The Register reported.
The Bank issued “Information related to the use of virtual currency,” in which it states that conventional payment mechanisms like cheques, payment orders and credit cards are permitted,” but then adds that “Bitcoin (EXANTE: Bitcoin) and other similar virtual currencies are not lawful means of payment in Vietnam.”
"As of January 1, 2018, the act of issuing, using, or using illegal means of payment (including Bitcoin and other similar virtual currency) may be subject to prosecution," the notice reads.
Those who accept or offer payments in virtual currencies will be fined around $9,000.
The ban does not, however, mention mining or exchange of virtual currencies, leaving open the possibility that Vietnam will permit cryptocurrency-or-blockchain-related activity, as long as they're not used to buy and sell stuff.
The changes are based on orders from Vietnamese Prime Minister Nguyen Xuan Phuc, issued earlier this year, to develop a legal framework to control cryptocurrency.