Vietnam’s Ministry of Finance warns of cryptocurrency trading risks

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[Blockchain Today Reporter Seo-yeon Jang] Vietnam’s Ministry of Finance reminded the public that the laws related to cryptocurrency were not established in their country.

According to Cointelegraph, Vietnam’s local news agency Tan Nien reported on the 3rd that Vietnam’s financial authorities warned the public about the risk of cryptocurrency investment. The reason is that the industry is not regulated in Vietnam.

Vietnam’s Ministry of Finance and Economy said, “Vietnam has not adopted any laws related to the issuance, transaction and exchange of virtual currencies and virtual assets.”

The Ministry of Finance and Economy reminded that digital currencies do not fall under the Vietnamese securities laws, and that there are only two places in Vietnam where you can trade securities, the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange.

To close this gap, the authorities have established a dedicated research group to investigate the cryptocurrency industry and develop cryptocurrency regulatory policies in the country. The Ministry of Finance and Economy also stressed the need to raise industry awareness to avoid the risks associated with illegal and fraudulent cryptocurrency-related systems and the potential risks of trading and investment.

A new warning from the government came during reports of increasing skepticism about a new cryptocurrency communication platform called Pi Network. While this network is becoming more and more popular in Southeast Asia, there are concerns that it could be a pyramidal structure. A report by Dang Minh Tuan, a blockchain expert at the Postal Communication Technology Research Institute in Hanoi, Vietnam’s capital, writes that PNetwork is a legitimate blockchain project and lacks transparency.

Earlier, the Vietnamese government has been somewhat hostile to the adoption of the cryptocurrency industry in recent years, despite clear recognition of cryptocurrency-based blockchain technology. Since banning cryptocurrency as a means of payment in 2018, Vietnamese authorities have continued to urge citizens to avoid cryptocurrency.

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