Vietnam calls for tougher measures on cryptocurrency

Latest news

    Vietnam on Wednesday urged greater vigilance against cryptocurrency transactions and investments, as officials in its economic hub asked the police to investigate what could prove to be the country’s largest cryptocurrency fraud.

    In a directive, Prime Minister Nguyen Xuan Phuc told the State Bank of Vietnam, the Ministry of Public Securities and other bodies to tighten the “management of activities related to bitcoin and other cryptocurrency”, the government said.

    “Cryptocurrency investment and trading and raising money through initial coin offerings are evolving in a more complicated manner,” it said in a statement on its website.

    Call to investigate 

    The statement followed a report by the official Vietnam News Agency that authorities in Ho Chi Minh City had asked police to investigate accusations that a company, Modern Tech JSC, raised money from token sales of Ifan and Pincoin cryptocurrency.

    The request followed a weekend protest by dozens of people who accused the company of “the largest ever cryptocurrency fraud involving 15 trillion dong”. This sum is equivalent to $658 million.

    The mobile telephone of the firm’s general director, Ho Xuan Van, was turned off on Wednesday, other company officials could not be reached for comment said Reuters news agency.

    “All cryptocurrencies and transactions in cryptocurrencies are illegal in Vietnam,” said Le Dong Phong, the police chief of Ho Chin Minh City.

    “We are gathering information about the case, but officially we haven’t launched an investigation until we receive accusations from any of the alleged victims,” Phong told Reuters. He declined to provide further information.

    According to a copy of the directive seen by Reuters, the prime minister told the State Bank of Vietnam to instruct banks not to provide any payment services related to illegal cryptocurrency transactions.

    He also told the Ministry of Justice to complete the legal framework for managing and dealing with virtual assets.

    View the original article: https://www.aljazeera.com/news/2018/04/vietnam-calls-tougher-measures-cryptocurrency-180411160713103.html

    SOURCE: Reuters news agency

    In the same category are

    Saudia Arabia’s statement on Jamal Khashoggi’s killing in full Below the full statement by Saudi Arabia's state news agency SPA on the killing of Jamal Khashoggi.  The Kingdom of Saudi Arabia's Public Prosecutor s...
    Saudi Arabia admits Jamal Khashoggi killed in Istanbul consulate Saudi Arabia has admitted that journalist Jamal Khashoggi was killed inside its consulate in the Turkish city of Istanbul, according to the kingdom's ...
    Saudi Arabia confirms Khashoggi killed in Istanbul consulate Saudi Arabia has admitted that journalist Jamal Khashoggi was killed inside its consulate in the Turkish city of Istanbul, according to the kingdom's...
    US indicts Russian over attempt to interfere in November election The US government has charged a Russian national with playing a key financial role in a Kremlin-backed plan to conduct "information warfare" against t...
    Will Jamal Khashoggi’s disappearance impact US-Saudi relations? More than two weeks after Jamal Khashoggi disappeared, his fate remains unclear. But US President Donald Trump has admitted for the first time the jou...
    Nicaragua must allow access to human rights investigators: OAS The Organization of American States (OAS) has denounced a "criminal cocktail" of human rights abuses allegedly perpetrated by Nicaraguan authorities ...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.