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High-level official calls to avoid funding campaigns for the cryptocurrency business

June 23, 2020

The former head of the Vietnamese criminal police, Vu Hoang Kien, said this Fundraising campaigns for cryptocurrency companies are illegal in the country.

Kien warned the Vietnamese citizens to remain vigilant and You are not attracted to any investment plans in cryptocurrencieswhatever the benefits were.

Aside from the risk of investing in these plans, he also insisted Investments and payments with cryptocurrencies are not legally recognized in the country. So investing or using them also means violate Vietnamese laws.

High-level official calls to avoid funding campaigns for the cryptocurrency businessHigh-level official calls to avoid funding campaigns for the cryptocurrency business

Despite the warnings, crypto investments continued in the country, said Nguyen Nam Hao of the Police Department for Corruption, Smuggling and White Collar Crime. He added that to reduce fraud and minimize other negative effects of cryptocurrencies Vietnam needs stricter and more specific regulations.

Crypto suppression in Vietman

As Cointelegraph reported in August 2017, Vietnamese Prime Minister Nguyen Xuan Phuc ordered the Vietnamese Central Bank and the Treasury to do so Checking virtual currencies and creating a legal framework for their regulation.

The review, however it was not for her. The following month the central bank declared the use of Bitcoin and other cryptocurrencies illegal in the country. In April 2018, these were officially declared illegal as a means of payment for goods and services.

It has recently been reported that the Vietnamese Treasury is planning to set up a nine-person research group on the subject, which will focus on speculation with crypto spaces and propose relevant guidelines to regulate the industry.