Business

Experts worry over e-money’s red-hot growth

Experts voiced real concern over safety and legal status of e-money since Bitcoin, a form of cryptography-based e-money, is believed to potentially cause risks for users due to its highly volatile value.
Experts worry over e-money’s red-hot growth ảnh 1Experts worry over e-money’s red-hot growth. (Photo: kienthuc.net)

Hanoi (VNA) – Experts voiced real concernover safety and legal status of e-money since Bitcoin, a form ofcryptography-based e-money, is believed to potentially cause risks for usersdue to its highly volatile value.

According to economist Prof. Ha Ton Vinh, Bitcoin hasseen red-hot growth, rapidly rising from about 13 USD in 2013 to over 5,000 USDat the present. It can go up to 10,000 USD in the future, Vinh said.

After Bitcoin split into two derivative digitalcurrencies, the classic Bitcoin and the Bitcoin Cash on August 1, its valuecontinuously hit new records.

The usage of the virtual currency has not been legalizedin many countries, Vinh explained, citing China as an example. The neighbouringcountry has put a ban on fundraising through initial coin offering (ICO)activities, he said.

The State Bank of Vietnam has declared the ownership,trading and use of Bitcoin and other virtual money as an asset illegal andgiven regular warnings about potential risks associated to e-money.

Experts are also worried that e-money could be a tool forcrimes, such as money laundering, drug trafficking, and tax fraud while thedigital money is at a high risk of being attacked, stolen or disrupted intransaction.

In that context, the Prime Minister has approved a planto develop a legal framework for the e-money management. The Minister ofJustice was assigned to prepare legal documents related to virtual assets andmoney while the Ministry of Finance is responsible for issuing regulations ontaxes on e-money in June, 2019.-VNA
VNA
#e-money #legal status #Bitcoin #volatile #Prof. Ha Ton Vinh #red-hot growth #digital currencies #virtual currency #initial coin offering #ICO #potential risks #money laundering #VIetnam business #Vietnam news #Vietnamplus
Follow VietnamPlus

Related News

Digital banking means more security risks

Digital banking means more security risks

The shift to digital banking has helped banks to provide modern and convenient services to customers, but this has also exposed them to many security risks, experts said at a conference in Hanoi on August 16.

See more

Containers are unloaded at Nghi Son International Port in Nghi Son ward, Thanh Hoa province. (Photo: VNA)

Vietnam eyes to shape national maritime industrial ecosystem

These advantages provide a strong foundation for the development of the marine economy and logistics services. As a result, the marine economy has been identified as a national strategic priority, with the coordinated development of maritime transport, seaports and shipbuilding serving as a key pillar in shaping a sustainable national maritime industrial ecosystem.

The road to the VSIP Can Tho Industrial Park connecting with National Highway 80 is under construction. (Photo; VNA)

Vietnam draws harder line on FDI quality under new resolution

The Ministry of Finance’s Foreign Investment Agency reported that total registered FDI neared 25 billion USD in the first five months of this year, a jump of almost 35% from a year earlier, with new project registrations driving the bulk of the expansion.

According to Fortune’s latest list, Vinachem ranks 148th among Southeast Asia’s top 500 companies in 2026. (Photo: vinachem.com.vn)

Vinachem makes Fortune Southeast Asia 500 for the first time

According to Fortune’s latest list, Vinachem ranked 148th among Southeast Asia’s top 500 companies in 2026. The ranking is compiled using key financial indicators including revenue, profit and total assets, and covers enterprises from seven regional economies, namely Vietnam, Indonesia, Thailand, Malaysia, Singapore, Philippines and Cambodia.

Lien Khuong International Airport in the central province of Lam Dong (Photo: VNA)

Lien Khuong Airport expected to reopen in August

The project is invested by ACV, with a total investment of over 1 trillion VND (38 million USD), including the repair of the entire runway, taxiways, safety strips, and technical infrastructure and equipment to ensure flight operations.

Representatives of Ho Chi Minh City's tax agency address concerns and clarify tax-related issues raised by the FDI business community. (Photo: VNA)

Ho Chi Minh City moves to ease tax hurdles for FDI firms

The Ho Chi Minh City tax agency said it will maintain regular dialogue with businesses, push ahead with administrative reform and digital transformation, and identify implementation bottlenecks to recommend policy adjustments, facilitating investment and business activities for FDI enterprises.

A workshop on the Halal market is held in Ho Chi Minh City on June 16, 2026. (Photo: VNA)

Growing Halal market offers opportunities for Vietnamese businesses

The Halal market is becoming a promising avenue for businesses in Ho Chi Minh City. With its well-developed manufacturing, trade and service ecosystem and dynamic business community, the city is well positioned to strengthen its role in regional and global Halal supply chains.

Wistron Infocomm Vietnam Co., Ltd, an FDI enterprise, has invested in Dong Van III Industrial Park of Ninh Binh province since 2021, creating jobs for more than 12,800 workers. (Photo: VNA)

Vietnam seeks to position itself as leading destination for foreign investment

A significant shift in the recently issued Resolution 10 is the move from a strategy of attracting “more capital” towards attracting “higher-quality FDI”. The objective is no longer limited to investment volume but extends to absorbing advanced technologies, increasing domestic value creation, strengthening innovation capacity and accelerating modernisation in the economy.

Enterprises must disclose to investors the issuance plan, legal and investment risks and the rights and obligations of issuers and bondholders. (Photo: VNA)

Vietnam tightens rules on corporate bond issuance

Under Decree No 200/2026/ND-CP, enterprises issuing bonds will continue to operate under the principle of self-borrowing, self-repayment and self-responsibility, meaning issuers are fully accountable for the efficiency of capital use, debt repayment capacity and any disputes arising from bond issuance, use of funds, and payment of principal and interest.

A performance on The Huc bridge of the temple as part of a nighttime tourism programme to discover the Ngoc Son temple on Hoan Kiem Lake, downtown Hanoi. (Photo: VNA)

Hanoi adopts framework to boost night-time economy development

The resolution encourages a wide range of cultural, artistic and tourism activities, including performances, exhibitions, film screenings, presentations of traditional and intangible cultural heritage, and other programmes held in public spaces, pedestrian streets, heritage sites, theatres, cinemas and cultural venues.

A cargo port in Thiruvananthapuram city, India (Photo: ANI/VNA)

Ample room remains for Vietnam–India logistics cooperation

The GTTCI expert noted that alongside logistics and integrated warehousing, e-commerce is expected to be a particularly high-growth sector in the coming years. He described it as a multi-billion-dollar market with significant untapped opportunities for cooperation between Vietnam and India.