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.
