It’s 2025, and if you’re running a small business in Ho Chi Minh City and accept Bitcoin for coffee, you could be hit with a fine of up to 200 million Vietnamese Dong-roughly $8,000 USD. That’s not a warning. That’s the law. Vietnam has kept its ban on cryptocurrency payments firmly in place since January 2018, and the penalties haven’t changed. Even though millions of Vietnamese people hold crypto, using it to pay for goods or services is still illegal-and the State Bank of Vietnam (SBV) hasn’t backed down.
Why Is Crypto Use as Payment Banned in Vietnam?
The SBV doesn’t care if you think Bitcoin is the future. Their main concern is control. When you pay with Bitcoin, the transaction skips the banking system. No record. No oversight. No way for the government to track taxes, prevent money laundering, or stop illegal transfers. In a country where cash still dominates and financial transparency is a priority, that’s a big problem.
The legal basis is clear. Decree No. 96/2014/ND-CP, updated in 2016, lists only approved payment methods: bank cards, payment orders, checks, and a few other instruments approved by the SBV. Anything else? Illegal. That includes Bitcoin, Ethereum, Dogecoin, or any other digital token used to buy something. The law doesn’t ban owning crypto. You can hold it. You can trade it. But if you use it to pay your landlord or buy a phone from a local shop? That’s where the fine kicks in.
Le Truong Tung, president of FTP University, put it bluntly back in 2017: “Accepting Bitcoin as payment will make the economy quite complex and difficult to control.” That’s still the official stance. The SBV wants digital payments-but only the ones they can monitor and regulate.
Who Gets Fined-and How Often?
The fine range is strict: 150 million to 200 million VND ($6,500-$8,900 USD). That’s not a slap on the wrist. For a small shop owner in Hanoi, that’s nearly two years’ rent. But here’s the catch: enforcement is rare.
There’s no public database of fines issued. No news reports of small businesses getting shut down over crypto payments. In fact, most people who use crypto in Vietnam do so through peer-to-peer (P2P) apps like Paxful or LocalBitcoins, or through informal trades. They’re not running a store. They’re not accepting crypto on their POS system. They’re swapping coins for cash in coffee shops or via Zalo messages. That’s how most avoid detection.
The SBV has gone after a few high-profile cases. In 2017, a university tried to let students pay tuition in Bitcoin. The SBV stepped in within days. The plan was scrapped. In 2019, the General Department of Vietnam Customs reported that daily crypto transaction values were in the thousands of US dollars-proof that demand was growing, even as the ban stayed firm.
Today, enforcement seems selective. The SBV focuses on exchanges, platforms, and businesses that openly advertise crypto payments. If you’re a café in Da Nang with a QR code that says “Pay with BTC,” you’re asking for trouble. But if you’re a college student buying crypto from a friend and paying rent in cash? Probably not on their radar.
How Does Vietnam Compare to Other Countries?
Vietnam’s approach is extreme-even for Southeast Asia. Thailand and Singapore, for example, created licensing systems for crypto exchanges. They didn’t ban payments; they regulated them. Vietnam chose to shut it down completely.
Dr. Nguyen Xuan Thanh from Harvard’s Kennedy School pointed out in 2018 that Vietnam’s policy treats crypto like a threat, not a tool. “It fails to recognize cryptocurrency’s potential as a technological innovation,” he said. That’s still true today. While countries like Japan and the U.S. have built tax and compliance frameworks around crypto, Vietnam’s rules haven’t evolved.
Even more ironic? Vietnam ranks 8th globally in crypto adoption, according to Chainalysis’ 2021 index. More than 10% of Vietnamese adults have used or owned cryptocurrency. That’s higher than Japan, Germany, and Canada. People are using it. They just can’t use it to pay for groceries.
The Paradox: Digital Payments Are Growing-But Not Crypto
Here’s the twist: Vietnam is pushing hard for digital payments. The SBV launched the National Financial Inclusion Strategy in 2016. Mobile wallets like MoMo, ZaloPay, and ViettelPay are booming. Digital transactions grew 35% per year between 2015 and 2020. The World Bank says 43% of Vietnamese adults used digital payments in 2020.
So why block crypto but encourage MoMo? Because MoMo is tied to banks. Every transaction goes through the SBV’s monitoring system. Crypto? It’s decentralized. Untraceable. Outside their control.
The SBV’s message is simple: We want you to go digital-but only if we’re the ones running the system.
What’s Changing in 2025?
There are signs the government is starting to rethink its stance-just not on payments.
In 2022, the Ministry of Finance proposed a draft circular to tax cryptocurrency transactions. That’s huge. If you’re going to tax it, you’re acknowledging it exists as an asset. That’s a step toward legitimacy.
Dr. Tran Ngoc Ca from Vietnam’s Academy of Finance said in a 2023 interview: “The 150-200 million VND fine remains technically enforceable but has become increasingly difficult to implement as cryptocurrency usage grows.”
That’s the real story. The law hasn’t changed. But reality has. Millions of people use crypto. The government can’t stop it. So instead of cracking down on every small user, they’re moving toward regulation-just not for payments.
Right now, the safest way to interact with crypto in Vietnam is to buy, hold, and sell. Not spend. Don’t put a “Bitcoin Accepted Here” sign on your shop. Don’t offer discounts for crypto payments. Don’t use it to pay employees. That’s where the fine lives.
What Should You Do If You’re Using Crypto in Vietnam?
If you’re an individual: You’re probably fine. Holding crypto, trading on P2P platforms, or swapping for cash is low-risk. Just don’t use it to pay for services or goods where the transaction is recorded.
If you’re a business owner: Don’t accept crypto as payment. Period. Use MoMo, ZaloPay, or bank transfers. Even if you think no one will notice, the risk isn’t worth it. A single fine could wipe out your profits for a year.
If you’re a developer or startup: Focus on blockchain tech-supply chain tracking, digital identity, smart contracts. Those aren’t banned. The government is starting to see value in the underlying technology. Just don’t build a payment app.
The message is clear: Crypto is not money in Vietnam. It’s a speculative asset. Treat it that way.
Is it illegal to own Bitcoin in Vietnam?
No, owning Bitcoin or other cryptocurrencies is not illegal in Vietnam. The ban only applies to using them as a payment method. You can buy, hold, and trade crypto without breaking the law. But if you use it to pay for goods, services, or rent, you risk a fine of 150-200 million VND.
Can I get fined for using crypto on a P2P app like Paxful?
Not if you’re just buying or selling crypto for cash. P2P trading is legal because it’s not a payment for goods or services. The fine applies only when crypto is used directly as payment-like scanning a QR code at a store or paying a bill with Bitcoin. If you’re exchanging crypto for VND with another person, you’re not violating the payment ban.
What happens if a business accepts crypto payments?
If a business openly accepts cryptocurrency as payment, the State Bank of Vietnam can issue a fine between 150 million and 200 million VND. In practice, enforcement targets businesses that advertise crypto payments, especially those with online platforms or physical storefronts. Small, informal transactions are rarely pursued, but the legal risk remains.
Is there a chance Vietnam will legalize crypto payments soon?
Unlikely in the near term. While the government is moving toward taxing crypto as an asset, the SBV has repeatedly stated that cryptocurrencies will not be recognized as legal tender. The central bank still fears losing control over monetary policy and financial oversight. Any change would require a major shift in policy, which hasn’t happened yet.
Why does Vietnam allow digital payments but not crypto?
Because digital wallets like MoMo and ZaloPay are tied to bank accounts and regulated by the State Bank. Every transaction is traceable, tax-reportable, and reversible. Crypto is decentralized, anonymous, and outside the banking system. The SBV supports digital payments-but only if they remain under its control.
Can I use crypto to pay for international services from Vietnam?
Technically, yes-but it’s risky. If you’re paying a foreign company (like a hosting provider or freelance platform) with crypto, the transaction happens outside Vietnam’s jurisdiction. The SBV can’t easily track it. But if you’re a Vietnamese business accepting crypto from international clients, that could still be considered a violation under local law. Legal gray areas exist, but the safest approach is to avoid crypto payments entirely.
Comments
They fine you for using Bitcoin but let MoMo run wild? Classic.
It is not merely a matter of regulation, but of epistemological sovereignty. The State Bank of Vietnam, in its wisdom, recognizes that decentralized currencies erode the ontological foundation of monetary authority.
So let me get this straight-you can own crypto but not use it? That’s not a ban, that’s a psychological torture device.
The State Bank’s position is not only legally sound but economically prudent. Unregulated digital assets threaten financial stability and institutional integrity.
Bro. Vietnam’s got 10% of its population holding crypto and still banning payments? That’s not fear-that’s denial. Let’s goooooo 🚀
they fine you for paying with btc but not for buying it on p2p? so you can own it but not spend it? what even is this
It’s funny how the same government that wants digital payments is terrified of the one tech that actually removes middlemen. They don’t want innovation-they want control. And control isn’t progress.
People aren’t using crypto to break the system. They’re using it because the system’s broken.
MoMo works because it’s just a digital wallet tied to banks. Crypto works because it’s not. One’s a leash. The other’s a key.
They tax it now? That’s the first step toward acceptance. But they still won’t let you buy coffee with it? That’s not policy. That’s hypocrisy.
And yet-10% of Vietnam holds it. That’s not a glitch. That’s a revolution they can’t stop.
so the government is like ‘you can have the crypto but you can’t use it like money’ like a parent who gives you a toy but says ‘but you can’t play with it’
also why is everyone using p2p like it’s a secret club? i love it
the usa and china are pushing digital currency so vietnam is scared theyll lose control but they dont realize crypto is already everywhere and theyre just pretending its not
the state bank is a dinosaur with a calculator
I feel this so hard. My cousin runs a tiny pho shop in Hanoi. He takes cash, MoMo, and sometimes… a little crypto under the table. He says if they come for him, he’ll just say it was a gift. And honestly? He’s right.
It’s not about the law anymore. It’s about survival. And people are just… figuring it out.
They’re not rebels. They’re just tired of waiting for the system to catch up.
man i love how vietnam’s just vibin’ with crypto while pretending it’s illegal. like the whole country’s playing a quiet game of ‘i dont know what you’re talking about’
keep it up bros
Here’s the real takeaway: The law is outdated. The people aren’t. The government’s trying to fight a tide with a broom.
But here’s the good news-you don’t need permission to innovate. You just need to be smart. Buy. Hold. Sell. Don’t flash it. Don’t advertise. Just live your life.
And if you’re a dev? Build on blockchain, not payments. That’s where the future is.
they’re fine with digital payments but not crypto? so if i pay my rent with a qr code from MoMo i’m a good citizen but if i pay with btc i’m a criminal? this is so dramatic i need a nap
the only thing more ironic than banning crypto payments while being 8th in adoption is pretending it’s not happening. everyone knows. the government just doesn’t want to admit it.
Vietnam is right to protect its monetary sovereignty. The west is already collapsing under crypto chaos. We should not follow their path. This is about national dignity.
yo this is wild but also kinda genius. vietnam’s got the most crypto users in southeast asia and still says ‘nah you can’t spend it’-but they’re quietly taxing it like it’s real? that’s the ultimate power move.
they’re not banning crypto. they’re waiting for it to become so big they can tax it properly. and when they do? they’ll own it.
smart. so damn smart.
they want digital payments but not crypto? so they want tech but only if it’s theirs? sounds like a relationship where someone says ‘i love you but not like that’
the state bank is scared of decentralization because they know if people can move money without them then the whole system crumbles
theyre not protecting the economy theyre protecting their own power