Vietnam says bitcoin transactions are illegal

HANOI, Vietnam – Vietnam’s government says transactions in bitcoin and other virtual currencies are illegal.

A central bank statement late Thursday warned against investing or carrying out transactions in the currency. It didn’t spell out penalties.

READ MORE: Major bitcoin exchange Mt. Gox goes bust

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The spread of currencies like bitcoin is unnerving financial regulators in Asia and elsewhere because they are outside of their control.

The collapse of a major bitcoin exchange in Tokyo this week has drawn renewed attention to the currency.

There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it’s unclear whether they have done any trading so far.

Vietnam’s diaspora sends home more than $10 billion yearly in remittances, which in theory could be sent in bitcoin if the currency were to take a broader hold.