The former deputy head ‘Vu Hoang Kien’ of Vietnam’s Criminal Police Department, has recently said that campaigns to boost money for crypto businesses are illegal to operate within the country.
Kien warned Vietnamese citizens to remain vigilant and not be lured in by any sort of crypto investment schemes, regardless of how high the returns.
Apart from the danger of investing in such schemes, he further added that cryptocurrency related investments as well as payments made using virtual currencies aren’t legally recognized within the country. Hence, investing in cryptocurrencies or using them also will mean breaking Vietnamese laws.
Moreover despite warnings, crypto investments have continued within the country, said Nguyen Nam Hao of the Police Department for Corruption, Smuggling & Economic Crimes. He further said that to scale back fraud and minimize other negative impacts of crypto’s, Vietnam needs more stringent and specific regulations to be implemented for the safety of its citizens.
Vietnam Officially Not In favour Of Crypto’s
As reported earlier in August 2017, Vietnamese Prime Minister Nguyen Xuan Phuc had the guided the central bank of Vietnam along with the Ministry of Finance to review digital currencies and frame a legal framework to manage them.
The review, however, didn’t end up within the favour of cryptocurrencies. Only subsequent month, the central bank declared the utilisation of Bitcoin [BTC] along with other cryptocurrencies illegal within the country. Also, in April 2018, crypto’s were officially outlawed as a way of payment for goods and services.
Recently, Vietnam’s Ministry of Finance was reported to be getting ready toet up a 9-member cryptocurrency research group focused on speculating the crypto’s and digital assets space and proposing relevant policies to manage the industry.