Vietnam Warns Against Investing in Crypto Schemes

Wednesday 8 June 2020, 8:18 AM AEST - 1 month ago

Vietnams anti-crypto stance appears to be going nowhere as a former police chief recently advised the public not to invest in cryptocurrency schemes.

Advertising Crypto Investment Schemes Illegal in Vietnam

According to the Saigon Times, an ex-police Vu Hoang Kien chief says advertising crypto investments in the country are illegal. Kien who used to be the deputy of Vietnams Criminal Police Department also warned members of the public to avoid falling victims to elaborate crypto scams.

For Kien, cryptocurrency fraudsters use the promise of huge gains to lure people into investing in fraudulent high yield investment programs (HYIPs). These scams continue to be popular given the growing interest in virtual currencies.

Kien is the latest public official in Vietnam to slam cryptos calling the industry a scam. The country has been instituting bans against several aspects of the market. As previously reported by BTCManager, the State Securities Commission banned companies from participating in cryptocurrency-related activities back in July 2018.

Vietnams anti-crypto stance also extended to the cryptocurrency mining sector in 2018. In mid-2018, the government was looking into banning the importation of crypto mining equipment into the country.

In recent times, however, the country appears to be changing tact towards the crypto scene. In mid-May, Vietnams Ministry of Finance announced the creation of a policy group to study the modalities necessary for establishing a regulatory framework for cryptocurrencies.

While Vietnam is firmly anti-crypto, the digital economy across Southeast Asia continues to mature with ...

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