VN central bank enhances inspections on cryptocurrency transactions

Created 17 April 2018
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)
The State Bank of Vietnam has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency.

VN central bank enhances inspections on cryptocurrency transactions, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking ne

VN central bank enhances inspections on cryptocurrency transactions, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking ne

Under the SBV’s directive, financial institutions and intermediary payment service organisations must intensify inspections, promptly report suspicious transactions with close connections to digital currencies and address violations.

They were ordered to set up plans to prevent illegal transactions and report to the SBV’s Payment Department before June 30.

Meanwhile, the SBV’s units must work with ministries and branches to carry out legal framework and solutions to handle illegal acts of using cryptocurrency as a means of payment.

Local branches of the SVB across the nation are required to raise public awareness of the risks of cryptocurrency investment and trading as well as legal regulations on cryptocurrency.

Cryptocurrency is an illegal non-cash payment method in Vietnam.

Police in Ho Chi Minh City are working with relevant agencies to investigate an alleged cryptocurrency fraud involving more than 32,000 people and a sum of 15 trillion VND (666 million USD).-

 

Source: VNA - Bridge

Maybe You Also Interesting :

» Eleven investors interested in My Thuan-Can Tho expressway project

Eleven investors, including those from the Republic of Korea and China, wish to invest in the My Thuan-Can Tho expressway in the Mekong Delta region.

» Envision and Hitachi Zosen enter Vietnamese renewable energy sector

The renewable energy sector and environmental projects continue to attract foreign capital investment, with many projects substantial in size and affirmed for...

» Localities asked to report public investment disbursement progress

The Ministry of Planning and Investment (MPI) has asked centrally-run cities and provinces to promptly submit their reports on the implementation and...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet