Vietnam - bitcoin.vn seized by the authorities
The oldest exchange platform in Vietnam has just closed its doors after 4 years of existence. Under government order, the site simply disappeared from traffic, without even having the time to say goodbye.
Since 2014, bitcoin.vn has been operating in Vietnam, but from the very beginning has been fighting against its government for the survival of its operations. Indeed, several conjunctures reinforced the pressure inflicted on cryptocurrencies and related services in the country. The Vietnamese Central Bank had, among other things, banned all payments in digital currencies, as well as their use, as of January 1, 2018, while increasing sanctions against any "criminals" who fail to comply with this measure .
As a result of these regulations, the government put a stop to the services of bitcoin.vn, removing access to his Internet domain, and fined him $ 8800 (7430 euros), since the company decided to continue operations. As for its leader Nguyen Tran Bao Phuong, the Central Bank has decided to punish him with 1100 dollars (928 euros) fine for operating a social network, and 660 dollars (557 euros) for creating a blog, without having obtained authorization.
This situation is not a surprise, however, in a country closely linked to China . As these two countries have communist party governments, the regulatory requirements are often drastic . With information control, strict financial regulations and economic nationalism, cryptocurrencies do not yet have their place in these countries with Maoist heritage.
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