The encryption policy in Vietnam is considered relatively strict, reflecting the government's cautious stance towards cryptocurrencies such as Bitcoin and Ethereum. Here’s an overview of the current situation:

🔐 1. The legal status of cryptocurrencies:

Not legal tender:

The State Bank of Vietnam (SBV) does not recognize cryptocurrencies as a legal means of payment.

Payment in cryptocurrencies is prohibited:

Since October 2017, the government announced that using cryptocurrencies as a means of payment is illegal and can result in fines of up to $9,000 or even criminal penalties.

Holding and trading:

Despite the ban on using them as a means of payment, there is no explicit prohibition on owning or trading cryptocurrencies for investment purposes. This means individuals are still buying and selling cryptocurrencies through external platforms.

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