Vietnam’s central bank made changes in its monetary policy, declaring the use of digital currencies, including bitcoin, as illegal.
According to the regulator, cryptocurrencies are unauthorized means of payment, therefore their issue, distribution and use should be banned.
The central bank also announced that anyone caught utilizing the altcoins starting January 2018 will be subject to criminal prosecution.
People violating the new monetary law will be fined an amount from $6,600 to $8,800 and will be criminally liable.
Vietnam’s legal payment means include banknotes, checks, collection and payment orders, bank cards and other means authorized by the regulator.
However, the country's government does not specify whether the new law will cover mining in Vietnam.
It is noteworthy that earlier in summer, the Vietnamese government did not exclude the possibility that bitcoin could be legalized. It was planned to develop a legal framework for regulating crypto currencies.