Vietnam May See Virtual Currency Regulation Soon
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....
Related News
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....
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....
Vietnam is set to join the growing list of nations that have legitimized Bitcoin. In the latest move, the government of the South East Asian country hinted at sanctioning virtual currencies, including Bitcoin. Absence of legal framework an obstacle for Bitcoin’s adoption. In a proposal, the Vietnamese authorities revealed that the lack of a legal framework regulating virtual currencies is robbing the country of investments. More so, just like the unfounded fear of many other governments that Bitcoin and other virtual currencies are a conduit for money laundering, smuggling, terrorism and....
Bitcoin ATM operator EasyBit said today it plans to install three new bitcoin ATMs in Vietnam. The company already operates one machine in Ho Chi Minh City, the country’s largest city. At the same time, it announced a partnership with local exchange Bitcoin Vietnam to supply all four machines. EasyBit already operates over 60 bitcoin ATMs in over 10....
Despite recent negative noises from the authorities, bitcoin in Vietnam is still making gains in both in daily use and public awareness - partly thanks to the efforts of an international group to promote the digital currency. Vietnam will even host its first bitcoin conference on 23rd May, deliberately scheduled immediately after a 'traditional' bankers' conference in Hanoi that closes on the 22nd. While there are probably still less than a dozen businesses accepting bitcoin in Vietnam, one of them is Hanoi's popular Yolo Cafe, which serves as the city's 'Bitcoin Central'. It was only....