Vietnam’s Ecommerce Watchdogs Issue Warning against Bitcoin Trading
The E-commerce and Information Technology Department of Vietnam has issued a warning against using or investing in Bitcoin and other digital currencies online. Bitcoin and other digital currencies may be well recognized across the world for its potential to change not only the monetary system but also the whole tech industry, but they do not command the same respect when it comes to regulatory aspects. The blockchain technology, on which most cryptocurrencies are created is being embraced by mainstream industries including banking and financial sector. Even though the Banking and Financial....
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Vietnam’s Ministry of Finance reminded the public that cryptocurrencies have no legal framework in the country. Vietnamese financial authorities have warned the public about the risks of cryptocurrency investment, as the industry is not regulated in Vietnam, local news agency Thanh Nien reported Wednesday.The Ministry of Finance of Vietnam stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.”The ministry stated that digital currencies are not part of Vietnamese securities laws and that there are only two....