Vietnam Calls For Tougher Cryptocurrency Measures Amid Investigation Into Possible $658 Million ICO Scam

THELOGICALINDIAN - The Vietnamese government is advancement greater acuity with attention to cryptocurrency affairs and investments alike as badge activate an analysis into what may able-bodied about-face out to be the countrys better instance of cryptocurrency artifice to date

According to Al Jazeera, the Vietnamese government is reportedly abbreviating its behavior on all things crypto-related. The government’s acknowledgment follows protests adjoin what may about-face out to be the country’s better ICO scam.

A account on the country’s official website notes:

In fact, Prime Minister Nguyen Xuan Phuc has issued a charge instructing Vietnam’s axial coffer – as able-bodied as the Ministry of Public Securities and added authoritative bodies – to bind the ” administration of activities accompanying to bitcoin and added cryptocurrency.”

The government additionally clarified excactly which agencies would be amenable for proposing and arty the new measures:

$658 Million in Question

On Monday, Tuoi Tre News reported that an estimated 32,000 bodies may accept collapsed victim to a abeyant Initial Coin Offering (ICO) betray for two altered cryptocurrencies – Pincoin and Ifan – both of which were launched by Ho Chi Minh City-based aggregation Modern Tech JSC.

Under Modern Tech’s advice and promotion, the projects went on to accession a absolute of 15 trillion dong, which is the agnate of almost about US$658 million. Investors were promised a 48 percent accumulation per ages on their antecedent investments additional an 8 percent agency on any associates they brought into the network.

A weekend beef captivated by dozens of annoyed investors has brought to ablaze allegations that the aggregation has chock-full advantageous investors the promised commissions and that investors are clumsy to abjure any profits accumulated on the ICOs’ platform.

Officials are allurement the badge to investigate the claims, according to the Ho Chin Minh City’s Chief of Badge Le Dong Phong who said:

Since account of the analysis aboriginal broke, Reuters letters that Ho Xuan Van, the accepted administrator of the firm, has angry off his buzz and added admiral of the aggregation are additionally clumsy to be accomplished for comments.

Do you anticipate Ifan and Pincoin are scams? Will tougher regulations and blank abate the accident of approaching scams? Let us apperceive in the comments below!

Images address of AdobeStock, Tuoi Tre