A senior Vietnamese police officer said that cryptocurrency funding is illegal in the country and people should not invest in it.
The previous appointee leader of Vietnam’s Criminal Police Department, Vu Hoang Kien, has expressed that crusades to fund-raise for digital currency organizations are unlawful in the nation.
Kien cautioned Vietnamese residents to remain careful and not be attracted in by any type of digital currency speculation plots, regardless of how high the profits.
In addition to the risk of investing in such a system, he also stressed that investments in cryptocurrency and payments in virtual currencies are not legally recognized in the country. Consequently, investing or using crypto violates Vietnamese law.
Despite warnings, cryptocurrency remains in the country, said Nguyen Nam Hao from the Police Department for Corruption, Smuggling and Economic Crimes. He added that Vietnam needed tougher and more specific regulations to reduce fraud and minimize the negative effects of cryptocurrency.
Just the following month, the national bank proclaimed the utilization of Bitcoin (BTC) and different cryptographic forms of money illicit in the nation. In April 2018, cryptographic forms of money were authoritatively prohibited as a method for installment for merchandise and enterprises.
As of late, Vietnam’s Ministry of Finance was accounted for to plan to set up a nine-part cryptographic money research bunch concentrated on hypothesizing the crypto and computerized resources space and proposing significant strategies to control the business.