The Global Market Not Worried About the Ban of Bitcoin in Vietnam
Cryptocurrency has been declared as an illegal method in Vietnam by the state bank for payment activities, which was announced a few days ago. Nguyen Xuan Phuc, the prime minister of Vietnam, has reached his goal of constructing a different legal procedure for virtual currencies in the country. His answer was to shut down all the activities of the virtual currency market.
Vietnam followed Indonesia for banning the cryptocurrency and the method used for payment using the virtual currency. Vietnam is officially one of the countries that completely banned any activities relating to cryptocurrency. The global market of cryptocurrencies was unfazed by Indonesia’s and Vietnam’s ban because they did not contribute their virtual currencies to the overall volume of trade. The ban will have no such impact on the price of Bitcoins. Since Bitcoins have surged a 7300 dollar increase is a result that proved the outcome.
The Affected Institutions
Although all the trading activities were not affected by the ban of virtual currencies in Indonesia and Vietnam, there are some institutions in Vietnam that were affected to a great extent. A local university in Vietnam was supposed to accept the student fee from the students with the help of bitcoin as a payment method- the president of the private college in Vietnam specified.
Dr. Le Truong Tung mentioned that there were plans to bring in foreign college students. If Bitcoin is used as a way for the payment, it might become easier to attract the students internationally. After the ban, this decision will be able to put into action.