State Bank of Vietnam, announced the use of digital currencies in the country illegal.

According to the new resolution, which has already been issued, but will enter into force during the first quarter of 2018, all crypto-currencies are considered illegal, and transactions with them will be punished with a fine. The decree also states that the only authorized methods of cash settlement in the country are those controlled by the State Bank of Vietnam.

The impact of the ban on the market inside and outside the country The ban imposed by the State Bank of Vietnam came at a time when bitcoin sets new record prices. None of the experts doubts that the ban will affect only the situation inside the country and will pass almost unnoticed for the global market of crypto currency. As for private individuals, there are no mechanisms that could effectively prevent the use of crypto currency in the country. The only thing that the government can do is start a campaign against crypto-currency companies in the country.

The decision of the central bank to declare crypto currency illegal, can hardly be called successful, as this will complicate the emergence of innovations in the financial sector. It is obvious that the law should be considered first of all as imitation of the governments of other countries. As soon as bitcoin and other crypto currencies become more common practice - one can expect the abolition of this prohibitive rate.