NEW RULE PERMITS PAYMENT OF VIDEO GAME PRIZES IN FOREIGN CURRENCIES
Foreign players of prize-winning video games may exchange their won tokens for foreign currencies or Vietnam Dong, according to a circular recently issued by the State Bank of Vietnam.
Under Circular 09 dated July 12, the par value of video game tokens may be nominated in Vietnam Dong or convertible foreign currencies. Enterprises are allowed to convert the foreign-currency par value of tokens into Vietnam Dong or other foreign currencies. Exchange rates used for the conversion are those quoted on transaction dates by licensed banks at which enterprises open their special-use foreign-currency accounts.
Worthy of note, players receiving foreign-currency prize money amounts in cash may choose to sell such amounts to licensed banks to get Vietnam Dong, remit such amounts abroad via licensed banks, obtain licensed banks’ certificates for bringing abroad such amounts, or deposit such amounts in their foreign-currency payment accounts opened at licensed banks. In case of receiving foreign-currency prize money amounts by bank transfer, players may transfer such amounts from enterprises’ special-use foreign-currency accounts to their foreign-currency payment accounts opened at licensed banks or their accounts opened overseas.
They may also authorize enterprises to contact licensed banks for conducting foreign-currency payment and transfer transactions and obtaining certificates for bringing abroad foreign-currency cash amounts.