Vietnam’s University Plans to Accept Bitcoin in Spite of Central Bank Ban

Vietnam’s University Plans to Accept Bitcoin in Spite of Central Bank Ban

FPT, a private Vietnamese university is making plans to just accept tuition expenses in bitcoin with a workaround of the central bank’s ban on the usage of digital currencies as payment method. FPT University is a personal educational organization with campuses in Ho Chi Minh City, Hanoi and Da Nang, Vietnam’s three main towns. The university will start accepting bitcoin for tuition payments from overseas students, in line with FPT University President Dr. Le Truong Tung who shared the statement on his FB web page. With bitcoin, Tung believes foreign students can avoid strict currency controls of their respective nations.

Dr. Le Truong Tung said:

“Consequently, FPT decided to check by officially and concretely announcing the enrollment of foreign students to examine in Vietnam made possible by the usage of bitcoin as a method to pay tuition expenses, which might attract foreign students.”

Vietnam

In line with the college official, the university is looking to research digital currencies like bitcoin in its curriculum, particularly in finance, commercial enterprise management, and banking. The supposed acceptance of bitcoin and utilization of digital currency for studies amongst its courses is a pioneering move for FPT, making it the primary Vietnamese university to do so. As such, there are one hundred foreign students enrolled at the university, a meager one percent of the entire student body. Le Truong Tung expects bitcoin to assist bolster those numbers as the university reveals a manner to just accept the digital currency in spite of latest legal frameworks by the central bank of Vietnam that prohibits bitcoin as a legal way of payment.

To achieve this, foreign students might be required to trade bitcoin into Vietnamese dong, the Vietnam’s fiat currency, earlier than paying the tuition expenses. Instead, students may also be allowed to donate their bitcoin to a bitcoin deal with or wallet owned by the university, in which the digital currency will be changed into legal currencies to fund their scholarships.

Bitcoin

Dr. Le Truong Tung stated:

“In principle, FPT can open a bitcoin account for students to switch the bitcoin to the school on-line. Afterward, while particular policies are applied officially, both foreign and Vietnamese students can use bitcoin.”

However, the state bank of Vietnam, the nation’s central bank, clarified its role to verify Bitcoin and different digital currencies are not lawful way of payment in Vietnam, earlier than successfully prohibiting the issuance, supply and use of bitcoin. The authority noted that the usage of bitcoin as a way of payment will incur fines among VND a hundred and fifty million to two hundred million and could extend to illegal prosecution.

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