Bitcoin may be grabbing headlines across the globe, but the controversial digital currency won’t be making a foothold in Vietnam anytime soon as the State Bank of Vietnam, along with the Government, have said they don’t recognize it as a legitimate payment method, according to the Authority of Foreign Information Service (AFIS):

“The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactionsand affirming that the Vietnamese Government does not recognize and allow the Bitcoin using transactions and is not responsible to resolve the arising disputes relating to the Bitcoin using transactions.”

The risks eluded to here are pretty broad:

"...It can cause negative impacts on the economies of the countries in particular and on the economy of the world in general, causing the losses in collecting taxes, and in a long term, it is possible to form an asset bubble for speculations and price hikes; the policies of the countries will be considerable affected, thus impacting the people’s confidence in the government."

But this is just the beginning of the Bitcoin conversation as the State Bank will deliver a report on the currency to Prime Minister Nguyen Tan Dung this month. The information in this report will likely dictate the Bitcoin’s future in Vietnam.

[AFIS // Photo via antanacoins]