Vietnam to tighten “management of activities related to bitcoin and other cryptocurrency”, the federal government mentioned.

Vietnam on Wednesday urged higher vigilance in opposition to cryptocurrency transactions and investments, as officers in its financial hub requested the police to research what may show to be the nation’s largest cryptocurrency fraud.

In a directive, Prime Minister Nguyen Xuan Phuc informed the State Bank of Vietnam, the Ministry of Public Securities and different our bodies to tighten the “management of activities related to bitcoin and other cryptocurrency”, the federal government mentioned.

“Cryptocurrency investment and trading and raising money through initial coin offerings are evolving in a more complicated manner,” it mentioned in a press release on its web site.

Call to research

The assertion adopted a report by the official Vietnam News Agency that authorities in Ho Chi Minh City had requested police to research accusations that an organization, Modern Tech JSC, raised cash from token gross sales of Ifan and Pincoin cryptocurrency.

The request adopted a weekend protest by dozens of people that accused the corporate of “the largest ever cryptocurrency fraud involving 15 trillion dong”. This sum is equal to $658 million.

The cellular phone of the agency’s basic director, Ho Xuan Van, was turned off on Wednesday, different firm officers couldn’t be reached for remark mentioned Reuters information company.

“All cryptocurrencies and transactions in cryptocurrencies are illegal in Vietnam,” mentioned Le Dong Phong, the police chief of Ho Chin Minh City.

“We are gathering information about the case, but officially we haven’t launched an investigation until we receive accusations from any of the alleged victims,” Phong informed Reuters. He declined to supply additional info.

According to a duplicate of the directive seen by Reuters, the prime minister informed the State Bank of Vietnam to instruct banks to not present any cost providers associated to unlawful cryptocurrency transactions.

He additionally informed the Ministry of Justice to finish the authorized framework for managing and coping with digital belongings.