Vietnam’s State Securities Commission (SSC) has announced another strict warning regarding the involvements of the local firms in cryptocurrency related activities. The announcement was made due to the two major ICO scams impacting approximately 30,000 Vietnamese. The government also explained the restriction is to reduce the exploitation of cryptocurrency in money laundering terrorism financing and many more.
A conference was held in the Mekong Delta City inviting numbers of technology and business experts. During the conference, President of Lina Network, Vu Truong Ca has revealed that the company is currently observing the potential of blockchain technology in the country’s agricultural sector. He highlighted, “Customers need standardization and transparency, and this is the attribute of the blockchain.”
The government, on a measure to protect the legal rights of investors, pioneered to develop regulation laws for cryptocurrencies. The Minister of justice and the State Bank of Vietnam was called to submit a report on legal framework considering digital currencies by the Deputy Prime Minister, Vuong Dinh Hue. The report is said to be submitted for government‘s consideration before the end of January.
The Central Bank of Vietnam imposed laws that restrict the issuance and usage of bitcoin as legal tender in the country. Use of cryptocurrency for transacting is considered to be a violation. Before prosecution, the offenders will be charged with fine between VND 150 million and 200 million.