PM urges to enhance management of Bitcoin and virtual currencies (15:10 15/04/2018)


HNP - Prime Minister Nguyen Xuan Phuc has just issued Directive No. 10/CT-TTg, enhancing the management of activities related to Bitcoin and other virtual currencies.


Over the past time, authorized agencies referred to many warns of risks related to Bitcoin and other virtual currencies as well as risks of using virtual currencies for criminal activities (money laundering, financial support for terrorism, illegal remittances, tax evasion and frauds). Virtual currency trading and the Initial Coin Offering (ICO) have threatened the stability of the financial market, social order and caused huge risks for related organizations and individuals.
 
To minimize the risks, implications for society as well as timely prevent and handle violation cases, the PM asked agencies to focus on implementing following key missions:
 
The State Bank of Viet Nam (SBV) is tasked to direct credit organizations and organizations providing intermediary payment services not to implement transactions related to illegal virtual currency trading and promptly report illegal transactions as regulated; cooperate with the Ministry of Public Security to detect and handl cases using virtual currencies for payment.
 
The Ministry of Finance directs public companies, securities companies, fund management companies, securities investment funds not to perform transaction and brokerage activities related to illegal virtual currencies and strictly abide by laws and regulations on anti-money laundering; takes prime responsibility and joins hand with other relevant agencies to take solutions to limit the imports of machines and equipments for virtual currency purposes.
 
The Ministry of Public Security is assigned to take prime responsibility and coordinate with the Ministry of Industry and Trade and other related ministries and agencies to investigate, detect, prevent and deal with violation cases related to financial mobilization and multi-level activities and fraudulent manner on the Internet via virtual money, impersonating investment and trading virtual currency; enhance investigation and cooperation with relevant ministries and sectors to detect and handle violation cases related to money laundering, financial support for terrorism via virtual currencies.
 
The Ministry of Industry and Trade coordinates with the Ministry of Public Security to detect, prevent, handle illegal activities of organizations, individuals related to financial mobilization and multi-level activities and fraudulent manner on the Internet via virtual money, impersonating investment and trading virtual currency.
 
The Ministry of Justice hosts and coordinates with other relevant ministries and agencies to soon complete the legal framework on the management of virtual currencies and assets and joins hands with the Ministry of Finance to propose measures on ICO activities.
 
The Ministry of Information and Communications directs press agencies to strengthen information and communication works on risks, threats and implications of purchasing and investing in virtual currencies.
 
People’s  Committees of provinces and centrally-run cities guide subordinate departments, sectors to detect, prevent and handle illegal activities related to virtual money, especially financial mobilization and multi-level activities and fraudulent manner on the Internet via virtual money, impersonating investment and trading virtual currency; strengthen the popularization to improve local people’s awareness of risks related to Bitcoin and other virtual currencies as well as risks of using virtual currencies for criminal activities and implications related to investing, trading virtual currencies.

By Tran Huong


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