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Vietnam bans Bitcoin payments, unexpected global markets

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Four days have passed since the State Bank of Vietnam announced that cryptocurrencies were illegal means of payment in the world. country. Prime Minister Nguyen Xuan Phuc, the official who stopped Bitcoin payments, has achieved his goal of building the new legal framework for cryptocurrency in Vietnam. His solution? Prohibit all cryptocurrences.

After Indonesia, Vietnam is the second country to have officially banned digital currencies and their use as a means of payment. However, given that Vietnam and Indonesia have not contributed too much to overall trading volumes, their bans should have little effect on the price of Bitcoin. The fact that Bitcoin reached a historic high of $ 7,300 proved the wait.

Local Institutions Affected

Although the prohibition does not influence bitcoin, it has an impact on local institutions. A few days ago, the president of FPT, a private Vietnamese university, announced that the university was considering accepting Bitcoin as a means of payment for student tuition.

According to Dr. Le Truong Tung, the university should attract more international students by offering Bitcoin payment options. Now, it is very likely that the university will have to withdraw its decision.

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