Vietnamese prime minister has signed a directive calling for stronger measures to rein in Bitcoin and other digital currencies amid fear that they could destabilize the financial market and hurt traders, local media reported on Saturday.
Under the directive, credit institutions in Vietnam are not allowed to carry out digital currency-related transactions and must swiftly report any suspicious activities, newspaper Vietnam Financial Times reported.
Public companies, brokerages, fund management companies and investment funds are banned from any illegal activities related to digital currencies and are required to comply with the anti-money laundering rules.
The government leader also asked the authorities concerned to restrict the import of coin mining hardware and double down their efforts to prevent fraudulent activities concerning digital currencies.
Meanwhile, the Ministry of Justice has been tasked with perfecting the legal framework on regulating digital currencies and virtual assets.
In recent months, government agencies have issued many warnings on the risks of digital currencies and their use for criminal activities due to their anonymity and decentralization.
The directive stated that digital currency investment activities, especially the use of digital currencies to mobilize funds under Ponzi schemes, are developing in a complicated fashion and could affect financial stability, Nhan Dan (People) newspaper reported.
Under the directive, credit institutions in Vietnam are not allowed to carry out digital currency-related transactions and must swiftly report any suspicious activities, newspaper Vietnam Financial Times reported.
Public companies, brokerages, fund management companies and investment funds are banned from any illegal activities related to digital currencies and are required to comply with the anti-money laundering rules.
The government leader also asked the authorities concerned to restrict the import of coin mining hardware and double down their efforts to prevent fraudulent activities concerning digital currencies.
Meanwhile, the Ministry of Justice has been tasked with perfecting the legal framework on regulating digital currencies and virtual assets.
In recent months, government agencies have issued many warnings on the risks of digital currencies and their use for criminal activities due to their anonymity and decentralization.
The directive stated that digital currency investment activities, especially the use of digital currencies to mobilize funds under Ponzi schemes, are developing in a complicated fashion and could affect financial stability, Nhan Dan (People) newspaper reported.
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