Adding to the Bitcoin bans by some nations, Vietnam joins the band now. It’s been four days that the state bank of Vietnam declared that cryptocurrencies are an illegal form of payment and being banned.
Bitcoin Bans – Effects:
Nguyen Xuan Phuc, Vietnam’s prime minister who formally locked bitcoin payments aims at constructing a legal basis for digital currency. Following the footsteps of its neighboring nation Indonesia, Vietnam blocks the Bitcoin payments. This ban has little effect on bitcoin pricing as very less bitcoin transactions are contributed from this nation. This is seconded by the rising Bitcoin’s value to an all new high of $7,300.
This ban may not have a serious effect on the global dealing but the local bodies involved in these transactions would be affected. Few days before this restriction notice, one of the private universities declared that Bitcoin payments would be recognized. This was done to attract more number of global students, but now with the ban being imposed looks like the resolution to be revoked.