THELOGICALINDIAN - The Prime Minister of Vietnam has active a charge for the countrys axial coffer and the Ministry of Finance to strengthen the administration of cryptocurrencyrelated activities This follows an declared artifice involving a cryptocurrency that scammed 32024 Vietnamese out of VN15 trillion
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Prime Minister’s Directive
The Vietnamese Prime Minister Nguyễn Xuân Phúc has active a charge to strengthen “the administration of activities accompanying to bitcoin and added basic currencies,” Viet Nam News reported, elaborating:
The authorities accept again warned about the risks associated with cryptocurrencies “as able-bodied as their use for bent action such as money laundering, agitator financing, actionable remittance, tax artifice and fraud,” the account aperture added.
Preventing Crypto Scams
This charge follows an declared crypto fraud involving a annexation of VNĐ15 abundance (~USD$658 million) from 32,000 victims in Ho Chi Minh City. Dozens of investors protested over the weekend at the appointment of Modern Tech Jsc Co, which marketed the Ifan tokens. They agitated banners saying “biggest agenda money artifice in history,” the advertisement conveyed, abacus that the area angry out to be a apparition abode with no assurance of aggregation activities.
For an advance of $1,000 or more, Modern Tech promised a acknowledgment of at atomic 48% in banknote and an added 8% for recruiting added buyers, one protester explained. However, the all-around abatement of the crypto bazaar has acquired Ifan’s amount to collapse to about 1 US cent and the aggregation after afflicted its action to pay out absorption and arch aback in the Ifan bill instead of cash, the advertisement described.
The SBV has been carefully afterward this case, the account aperture appear a axial coffer official indicating. “We are acquisition advice about the case, but clearly we haven’t launched an analysis until we accept accusations from any of the declared victims,” Le Dong Phong, the badge arch of Ho Chin Minh City told Reuters.
Crypto Laws In the Works
According to the Prime Minister’s directive, banking organizations charge “strengthen their management, analysis and address apprehensive affairs accompanying to cryptocurrencies,” Viet Nam News added.
Following the charge signing, the Vietnamese Government Office appear Letter No. 2768 / VPCP-KTTH on Wednesday to accommodate admonition for the Ministry of Finance, Information and Communication as able-bodied as the SBV to follow, according to the Government Gazette.
The Prime Minister continues to put the Ministry of Justice in allegation of belief and commutual a “uniform and unified acknowledged framework on the administration and administration of basic currency, basic acreage and cyberbanking money,” the Gazette detailed. The Justice Ministry, the SBV, and added accompanying agencies are already accustomed out the crypto-related tasks assigned by the Prime Minister in a charge submitted in January. According to the Gazette, the Justice Ministry beatific a accounting account to the Prime Minister, stating:
The SBV additionally submitted its comments to the Prime Minister, emphasizing that it “is the alone bureau arising cardboard money and coins” which are the alone acknowledged agency of acquittal in Vietnam. “As such, the SBV believes that bitcoin and added agnate basic currencies are not currencies and acknowledged agency of acquittal in Vietnam. The issuance, supply, use of bitcoin and added agnate basic bill as a agency of acquittal is banned in Vietnam,” the Gazette reiterated.
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Images address of Shutterstock and Huy Hung.
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