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Vice Governor Dao Minh Tu claimed that Bitcoin and other virtual currencies are not cryptocurrencies at all, they are not allowed to function as legal currencies in Vietnam.
At the government press conference on the evening of March 2, the Deputy Governor of the Dao Minh Tu State Bank said that Bitcoin or some other virtual currency is not a legal currency (a form of currency issued by the government and considered legal) . According to him, it is a kind of virtual asset, the digital currency, it is a modern product of industrial development.
“It is not a means of payment and Vietnamese law does not allow the operation of the monetary ordinance in Vietnam,” he said.
Lieutenant Governor Dao Minh Tu at a conference in June 2020. Image: VGP.
Therefore, it is illegal to use this virtual currency as a means of payment or to function as a currency. Currently, the State Bank, the Ministry of Justice and the Ministry of Finance are clarifying the legal basis for the management of the virtual currency and virtual assets business. “Virtual money is not a cryptocurrency,” he emphasized.
In addition, Mr. Tu also reiterated once again the opinion of the State Bank on Forex investment floors (decentralized market for currency trading).
Consequently, he emphasized that the provision of currency trading services, national and international currency derivative services must be authorized by credit institutions and commercial banks authorized by the Banco del Estado. To date, this agency has not licensed any foreign exchange. Therefore, the organizations that operate in Forex today are against the law and must be managed in accordance with the regulations.
The people involved in investing in these flats are therefore very risky and are not protected by law.
“We also advise all citizens to be very cautious, especially with a business that offers up to a small percentage of interest rates when current conditions are very difficult,” he said. There were signs of a lack of transparency or fraud. He also recommended that investors and individuals, before investing in any field, consult and advise more to the authorities and credit institutions.
Duc minh
