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October 30, 2017

Cryptocurrency ban in Vietnam follows China, Russia, and South Korea

With nations continuing to put strict constraints on the use of cryptocurrencies, will global progress be impeded?

By Tom Ball

A growing trend of cyptocurrency restrictions and bans encompasses a number of nations, with China, Russia and South Korea laying down stringent laws. Now Vietnam has put a stop to cryptocurrency payments.

The ruling came from the State Bank of Vietnam, which now deems cryptocurrency payment methods as unlawful, and will only accept traditional methods. Penalties of $9,000 are lined up for those who fail to comply.

Motivations behind this action have not been shared publically, but politics are likely to be involved given the connecting theme of communism that the nation shares with China in particular.

Cryptocurrency ban in Vietnam follows China, Russia, and South KoreaChina banned cryptocurrencies on the 30th of September 2017, ceasing all trading. This was of great concern to the digital currency world, with China being one of the most globally influential financial powers. Some have theorised that the ban has come in light of the 19th party convention, in a bid to satisfy steadfast communist members.

Recently hopeful speculation that China will end the ban has been kindled by Bitcoin’s revitalised strength, with the currency once again surpassing the $6,000 price height.

South Korea recently banned the raising of money via cryptocurrencies, which will include the making of initial coin offerings (ICOs), and the ability to trade digital currency.

Jamie Dimon, JPMorgan CEO, expressed a lack of belief in the future of cryptocurrencies, expecting governments to eventually shut them down. The recent spree of nations blocking the use of digital currency supports the expectations of Mr Dimon.

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Bitcoin has boomed in 2017, breaking one price record after the other. The currency has even surpassed $6,000, a colossal high to which it returned this past weekend, stimulating hopes that China may become involved in trading once again.

The successes of Bitcoin have been volatile, with substantial growth intermingled with events including the recent split. This event was caused by a hard fork in the blockchain that runs Bitcoin, creating a new currency, Bitcoin Cash. A further split is now expected as a group intend to force a split to create a new, truly decentralised currency.

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