02 Apr 2014 / Thanh Nien News – A company Wednesday announced the launch of Vietnam’s first Bitcoin exchange in late April though the central bank has ruled out recognition for the digital money.
Bitcoin Vietnam said it would open a floor called VBTC with Israeli partner Bit2C company.
Nguyen Tran Bao Phuong, managing director of the former company, said the cooperation marks a milestone in the development of Vietnam’s Bitcoin economy and would play an important role in the economy as a whole.
“The scale is still small compared to world levels, but it will be quickly expanded.”
His Israeli counterpart, Eli Bejerano, said he was happy to see the currency, which he believes Bitcoin represents a “revolution” in international trade, join the vibrant Vietnamese economy.
The announcement of the plan comes a month after the State Bank of Vietnam ruled out recognition for Bitcoin, citing similar rulings in neighboring countries like Thailand, China, Malaysia, and Indonesia and and further afar in places like Russia, France, and Norway.
Phuong said since Bitcoin is yet to be recognized in Vietnam, there is no legal framework governing for his business.
“We contacted the legal department at the State Bank of Vietnam and were told that since they do not accept Bitcoin as a currency, [it] does not fall under the purview of the bank and we do not have to register with the bank.
“We also contacted the Ministry of Industry and Trade and were told that Bitcoin is not a commodity and so does not fall under the ministry’s jurisdiction and we do not need to register to it.”…. Read more
