Virtual Currencies and Ponzi Schemes in Vietnam
In an interview, Lt. Col. Nguyen Thi Thu Hang of Vietnam Police speaks about the lack of regulations and fraudulent investment schemes plaguing the country. Virtual currency trading is a lucrative activity, which comes with its own risks. If not chosen properly, the trading and investment platforms themselves may pose a much greater risk than the volatility associated with cryptocurrencies. The increasing number of virtual currency based Ponzi schemes that promise huge returns have got law enforcement agencies concerned. These schemes are prevalent across the globe, attracting millions of....
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This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....
The Vietnamese government is working toward building and introducing a comprehensive legal framework surrounding virtual currencies like bitcoin, a report has revealed. As a country that has seen its fair share of mainstream pyramid schemes misusing bitcoin – leading to regulators and authorities warn against the use of the digital currency – Vietnam is working toward enforcing legal frameworks for virtual currencies and properties, choosing to regulate the innovation rather than ban it. According to a report in regional publication VnEconomy, the Vietnamese government has begun a project....
A Nigerian e-currency platform moves to begin an awareness campaign on virtual currencies. The aim is to redeem the industry’s battered image, hurt by various Ponzi schemes, including egold, ebullion, liberty reserve and “MMM”. A Haunted Market. According to Adelola Sokoya, CEO of Swiftecurrency.com, the Nigerian virtual currency market is operating below capacity. Given the amount of internet users within the country, the present virtual currency market size is poor. Sokoya blames it on the negative impression that has been created over time by fraudulent practices. Sokoya recalls the....
With another week gone by, let's shine the spotlight on recent developments and interesting finds in the world of alternative digital currencies. Shibes scheme in new online game. The popular meme-based digital currency dogecoin has been credited by some as providing a friendly introduction to digital currencies. However, now it is being leveraged to welcome people into a not-so-friendly corner of finance: the ponzi scheme. PonziDoge is billed as a "virtual experiment game" designed to educate people about the nature of ponzi schemes, a form of financial fraud that involves collecting....
According to the regional Vietnam publication VNEconomy, the country’s authorities and financial ministries will be regulating virtual currencies in the near future. Vietnam Prepares to Regulate Virtual Currencies. The report details the use of cryptocurrencies such as bitcoin is becoming widely used worldwide. However, within this emerging economy....