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....
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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....
Vietnam's premier exchange Bitcoin Vietnam Co Ltd has added wallet functionality in a bid to make storage simpler and encourage day-to-day digital currency spending in the country. Notably, users of Bitcoin Vietnam Wallet will be able to send bitcoins to others on the platform in instant 'off-chain' transactions using recipients' bitcoin or email addresses. Off-chain transactions occur near instantly, outside the bitcoin block chain with its delayed confirmation times. Users will also be able to sell the bitcoins in their wallets directly on the Bitcoin Vietnam exchange, without needing to....