The Vietnamese government warns its citizens that investing in cryptocurrencies is dangerous. This is because the industry is considered not properly regulated.
Reporting from the Asia Times, Friday (5/3/2021), the Ministry of Finance said Vietnam had not adopted any Law related to issuance, trade, and even the exchange of virtual currencies and virtual assets.
The ministry said digital currency is not part of Vietnam’s securities law. Only two exchanges, the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange, are authorized to trade securities in Vietnam.
In an effort to expand the regulatory framework, the ministry has set up a research unit to look at the cryptocurrency sector and develop policies accordingly. The ministry also aims to raise awareness about the potential risks involved in trade and investment, such as dubious crypto schemes.
The warning follows reports of concern about a new and increasingly popular Southeast Asian cryptocurrency platform called the Pi Network, which some claim is a pyramid scheme.
According to a report from VnExpress, Dang Minh Tuan, a blockchain expert at the Institute of Post and Communication Technology in Hanoi, said the Pi network lacks transparency in legitimate blockchain projects.
The Vietnamese government appears to be hostile to the adoption of the cryptocurrency industry in recent years. After banning it as a payment method in 2018, it has continued to urge residents to avoid cryptocurrency.
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