Crypto Investments Are Very Risky - Vietnamese Financial Authorities.

Crypto Investments Are Very Risky - Vietnamese Financial Authorities.

2021-03-04 | Big Bob

Crypto Investments Are Very Risky - Vietnamese Financial Authorities.

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 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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