PM orders tighter control of Bitcoin, cryptocurrency

Prime Minister Nguyen Xuan Phuc has required the State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions.
PM orders tighter control of Bitcoin, cryptocurrency ảnh 1The State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services ​must intensify inspections and promptly report suspicious cryptocurrency transactions. 
(Photo: unbox.ph)

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has required the StateBank of Vietnam (SVB), financial institutions, and other organisationsproviding payment brokerage services to intensify inspections and promptly reportsuspicious cryptocurrency transactions.  

ThePrime Minister has just signed Directive No.10/CT-TTg on the matter, followingrepeated warnings from relevant agencies on risks associated with Bitcoin andother cryptocurrencies, along with the threat that cryptocurrencies can be usedto finance crimes such as money laundering, terrorism, tax evasion and fraud.At the same time, cryptocurrency trading and investment is on the rise, posinga threat to the stability of the financial market and social order and safetydue to the high risk involved.

The PM instructed the Ministry of Public Security to join hands with the SBVand relevant ministries to detect and handle any case of using cryptocurrencyfor illegal payment or any activities connected to money laundering andterrorism sponsor activities via cryptocurrency.

Meanwhile, the Ministry of Finance is requested to study global experience torecommend solutions to counter initial coin offering (ICO). In addition, theministry should work to reduce the import of Bitcoin mining machines.

The Ministry of Industry and Trade must channel efforts into addressing illegalactivities relating to the illegal use of Bitcoin to make payment on e-commercewebsites or applications.

The Ministry of Justice is responsible for completing a legal framework on themanagement and settlement of cryptocurrency or crypto assets.

The media are urged to do their part in raising public awareness on the risks andnegative consequences of cryptocurrency investment and trading.

Cryptocurrency is considered an illegal non-cash payment method in Vietnam. Theuse of virtual money as a means of payment is prohibited and will be handledaccording to the country’s legal regulations.

The police in Ho Chi Minh City are coordinating with relevant agencies to investigatean alleged cryptocurrency fraud involving over 32,000 people and a sum of 15trillion VND (666 million USD).-VNA
VNA

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