When it comes to State Bank of Vietnam crypto, the central banking authority that controls monetary policy and financial oversight in Vietnam. Also known as SBV, it has taken one of the strictest stances on cryptocurrency in Asia. Since 2017, the SBV has declared that using Bitcoin or any other digital currency for payments or trading is illegal. Unlike countries that regulate crypto, Vietnam outright bans it — no licenses, no exceptions, no gray area.
This isn’t just about control over money. The Vietnam crypto ban, a nationwide prohibition on cryptocurrency transactions enforced by the State Bank of Vietnam ties directly to the government’s push for the digital yuan, a state-issued digital currency designed to replace cash and prevent unregulated financial activity. Also known as e-VND, it’s Vietnam’s answer to decentralized money. The SBV fears crypto could undermine its ability to track financial flows, tax income, or stop money laundering. So while other countries are building crypto exchanges and ETFs, Vietnam is building firewalls. Even using Binance or OKX from Vietnam is considered a violation — and penalties can include fines or asset seizure.
What does this mean for regular people? If you’re in Vietnam and hold crypto, you’re not breaking the law by owning it — but you are if you trade it, send it to someone, or use it to pay for goods. That’s why peer-to-peer trading platforms like LocalBitcoins or Paxful have disappeared from the local market. Banks will freeze accounts linked to crypto activity. Wallets aren’t illegal, but withdrawing funds to a Vietnamese bank account? That’s a red flag. Some users turn to offshore exchanges or VPNs, but those are risky. The SBV doesn’t just block websites — it tracks bank transfers and has partnered with telecom providers to flag suspicious activity.
There’s no sign the ban is lifting. Even as Thailand and Singapore welcome crypto firms, Vietnam doubles down. The Vietnamese crypto regulations, a set of laws and policies issued by the State Bank of Vietnam that prohibit all forms of crypto usage are enforced by multiple agencies — not just the SBV, but also the Ministry of Finance and the police. In 2024, authorities seized over $2 million in crypto assets from individuals caught trading illegally. The message is clear: crypto is not money here. Only the e-VND is.
What you’ll find in the posts below are real cases — people who lost money trying to trade crypto in Vietnam, businesses that got shut down for accepting Bitcoin, and the technical workarounds some still use despite the risks. You’ll also see how this ban compares to other countries like China or Nigeria, and why even DeFi platforms can’t operate here. This isn’t about speculation. It’s about control. And if you’re in Vietnam, understanding the State Bank of Vietnam’s rules isn’t optional — it’s essential to avoid legal trouble.
Vietnam fines businesses up to 200 million VND for accepting Bitcoin or crypto as payment. Learn why the ban exists, who gets fined, and how people still use crypto despite the law.