The Vietnamese government confiscated the domain …
Vietnamese government confiscated the domain of the country’s largest bitcoin exchange
The Vietnamese government confiscated the bitcoin.vn domain for 45 days, which belonged to the country’s oldest crypto exchange, Bitcoin Vietnam Co. In addition, the Department of Radio, Television and Electronic Information under the Ministry of Information and Communications imposed a fine of 15 million dong (about $ 659) on Bitcoin Vietnam for illegally blogging and another 25 million dong (about $ 1,100) fine for illegal organization. social media interaction, which consists in the fact that users were allowed to leave comments on blog entries. Writes about this NewsBTC.
According to the law, which came into force on January 1, 2018, it is illegal to issue, distribute and use virtual currencies in Vietnam. However, Bitcoin Vietnam continued to operate and now faces criminal prosecution.
The exchange operator posted on Twitter a document signed by Deputy Minister Lee Kuan Tu Do: “Pursuant to the provisions of Decree 96/2014 / ND-CP of October 17, 2014, the administration of monetary and banking activities, the issuance, distribution and use of illegal monetary instruments (including bitcoin and other virtual currencies) entail administrative punishment. In addition, according to the Criminal Code, from January 1, 2018, the emission, distribution and use of illegal means of payment are subject to criminal prosecution “.
Bitcoin Vietnam first announced that its main domain, bitcoin.vn, will be temporarily confiscated by the Vietnam Internet Network Information Center (VNNIC), March 6.
“VNNIC will suspend the operation of the bitcoin.vn domain, which will be carried out by the acting authorities in accordance with the provisions of the law. The blocking will last 45 days, starting at 15:00 on May 5, 2018, “the ministry said in a statement..
The Bitcoin Vietnam Co exchange has been given 10 days to bring its activities in line with the law, which it has already done. At the moment, the main domain of the crypto-exchange is not working, and it operates on the bitcoinvn.io domain.
The cryptocurrency ecosystem in Vietnam has grown rapidly over the past few years, but a decree issued by the State Bank of Vietnam on October 30 declared virtual currencies an illegal means of payment. Violators of the law face fines of up to VND 200 million (about $ 9,000).
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