Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

The Hanoi Department of Industry and Trade has prohibited organizations and individuals involved in e-commerce business in the city from using bitcoin and other cryptocurrencies. This follows a directive signed by the country’s prime minister intended to strengthen the legal framework of cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Banning Crypto Use in E-commerce

The Hanoi Department of Industry and Trade announced on Saturday that it has sent document No. 1638 / SCT-QLTM to “organizations and individuals directly or indirectly related to e-commerce business in Hanoi [to] not use bitcoin and other virtual currencies (cryptocurrencies) to settle e-commerce transactions online.” Citing that if violations are detected, “they shall be strictly dealt with according to the provisions of the law,” the regulator wrote:

The Department of Industry and Trade requires organizations and individuals who are directly or indirectly involved in e-commerce business in Hanoi to strictly abide by the above-mentioned regulations and do not use bitcoin and other virtual currencies….in payment of e-commerce transactions, online purchases and sales, [and] payment [of] online services in contravention of Vietnamese law.

Vietnamese Law on Crypto

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsCiting provisions of the government’s Decree No. 101/2012 / ND-CP on non-cash payment instruments, the document reiterates, “bitcoin and other similar virtual currencies are not legal means of payment in Vietnam; The issuance, supply, use of bitcoin and similar virtual currency is prohibited in Vietnam.”

Violations are subject to a “fine of between VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for individuals and for organizations with two times the fine level for personal,” the document emphasizes. Furthermore, as of January this year, issuing and using cryptocurrencies “may be subject to criminal prosecution.”

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsLast week, the Vietnamese Prime Minister Nguyễn Xuân Phúc signed a directive to strengthen the management of activities related to bitcoin and other cryptocurrencies. This follows reports of the country’s “biggest digital money fraud in history,” which duped approximately 32,000 Vietnamese out of VNĐ15 trillion (~$658 million). The police are currently investigating the case.

Meanwhile, the Justice Ministry, the State Bank of Vietnam (SBV), and related agencies are working on the regulatory framework for cryptocurrencies. According to the Ho Chi Minh City Customs Department, the number of bitcoin mining rigs legally imported into the country has skyrocketed since last year, prompting the department to propose a ban on their imports. Earlier this year, the department revealed that, in the first three weeks of January, almost 8,000 mining rigs were legally imported into the city.

What do you think of Hanoi prohibiting the use of crypto for e-commerce transactions? Let us know in the comments section below.


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The post Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions appeared first on Bitcoin News.

PR: First Cryptomarketplace Storiqa Has Raised $25 Million

Cryptomarketplace Storiqa

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

First cryptomarketplace, aiming to help small business in global trading, has raised $25 million.

Storiqa is developing marketplace with different outstanding features in compare with such companies like Amazon and eBay. With support of more than 55 000 people from 170 countries The company is launching its platform in a few months.

CEO Ruslan Tugushev stated earlier: “I spent more than 10 years for business development of SME. Their core competences were different but the problems are quite similar. Since I have gained enough experience and put together professionals from different fields I realized that it is time to establish global company which helps any SME to expand business internationally and start trading worldwide in 1 hour.”

Storiqa will accept the most common cryptocurrencies along with fiat money. The outstanding feature of marketplace is transparent affiliate marketing which enables users to monetize reviews through popular social networks. STQ holders will enjoy special benefits within the platform: buyers receive higher cashback; sellers use special platform features to increase sales.

By and large, Storiqa will give any SME access to the global market and many family-business companies will be able to boost sales at least in two times more. In the end of Q1 the platform will be launched and it means that change in eCommerce has come. There is no longer opportunity to purchase STQ tokens as the company finished token sale 2 weeks earlier. However, it is possible to get STQ in the end of March since listing.

Contact Email Address
a.taved@storiqa.com
Supporting Link
https://crowdsale.storiqa.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: First Cryptomarketplace Storiqa Has Raised $25 Million appeared first on Bitcoin News.

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