Crypto Investments Are Very Risky - Vietnamese Financial Authorities.
2021-03-04 | Big Bob
Vietnamese financial authorities have warned
the general public about the high risks associated with crypto investment,
as the industry
isn't regulated in Vietnam, native
press agency Thanh Nien
reported earlier on Wednesday.
The Ministry of Finance of Vietnam added that “Vietnam has not adopted any legislation associated with the issuance, trading, and exchange of digital currencies and virtual assets.”
The ministry added that the virtual currencies
aren't a part of Vietnamese securities laws that there are only two exchanges, the Ho Chi Minh
stock market, and the Hanoi
stock market, that are permitted to trade securities in Vietnam.
To address this gap, the ministry has established
a fanatical research group
to research the
cryptocurrency industry and develop cryptocurrency regulation policies
within the country. The ministry also emphasized
the necessity to boost awareness about the industry
so as to avoid potential risks in trading and investing,
also as risks
related to illegal and fraudulent cryptocurrency-related schemes.
The new warning from
the govt comes amid reports of growing skepticism regarding
a new cryptocurrency platform referred as the Pi Network. The network is becoming increasingly popular in
Southeast Asia but has some worries that it
might be a
scheme. Consistent with a report by VnExpress, Dang Minh Tuan, a blockchain expert at the Posts and Telecommunications Institute of Technology in Hanoi,
added that the Pi Network lacks the transparency of a legitimate blockchain project.
As reported earlier, the Vietnamese government has been somewhat hostile to the adoption of the cryptocurrency industry in recent years, despite its apparent endorsement of crypto’s underlying blockchain technology. After banning cryptocurrency as
a way of paying back in 2018, Vietnamese authorities have continued to urge the population to avoid crypto assets.
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