The global supply chain crisis, the global agreement on minimum corporate tax rate and the record high price of bitcoin are among the top 10 world economic events this year as selected by the Vietnam News Agency (VNA).
A delay in issuing official legal regulations on managing cryptocurrencies will cause a rise in the risks of fraud and theft related to virtual assets, experts have warned.
Despite being seen as a potential blockchain development nation, Vietnam lacks a proper legal framework which may prevent the country maximise benefits from the emerging industry.
Vietnamese computer users suffered a record 14.9 trillion VND (637.6 million USD) in damage from viruses this year, an increase of 21 percent from 2017, according to a cyber security assessment report released by Bkav Technology Group this week.
Vietnamese businesses and individuals have stopped importing bitcoin mining machines since the beginning of July, according to the Ho Chi Minh City Customs Department.
The Ministry of Industry and Trade (MoIT) has worked with the Ministries of Finance and Justice and the State Bank of Vietnam (SBV) to propose suspending imports of cryptocurrency mining machines, said a MoIT official.
The Ministry of Finance (MoF) has proposed to temporarily halt the import of bitcoin mining machines to improve the management of bitcoin and cryptocurrency transactions.
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.
Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
The Vietnam ICT Press Club recently announced the top 10 ICT events in 2017. This is the result voted for by more than 50 journalists in the information technology sector, from some 40 media agencies nationwide.
Blockchain, a new technology to help explore the various forms of crypto-currencies, could open up new attractive environment for all businesses and investors, said Nguyen Duc Cuong, head of consultancy division at Vietstock – a local financial-business media.
Indonesian authorities are investigating the use of bitcoin on the resort island of Bali after the central bank gave warnings on risks posed by virtual currencies.
The Bank of Thailand (BOT) has said that crypto currencies are not legal tender and it will join hands with the Anti-Money Laundering Office to prevent the illicit use of virtual currency bitcoin.
The VIetnam ICT Press Club recently announced the top 10 ICT events in 2017. This is the result voted for by more than 50 journalists in the information technology sector, from some 40 media agencies nationwide.
Investors of bitcoin in particular and cryptocurrencies in general should be aware of the possible risks involved in addition to rapidly increasing profits, experts have warned.
The Central Bank of Malaysia (BNM) initiated a policy compelling digital currency exchangers to report their activities, reported The Star newspaper on December 15.
According to the State Bank of Vietnam (SBV), the issuance, supplement and use of bitcoin and other similar virtual currencies for legal payment is prohibited in Vietnam.
The use of cryptocurrency and blockchains in Vietnam is currently limited to just one percent of the total population, though experts anticipate that the number could grow to 30 million users in the next ten years.
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.
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