Authorities in Vietnam have called on the public to be vigilant about cryptocurrency transactions and asked police to investigate an alleged large-scale fraud involving the issuance of digital assets.
Prime Minister Nguyen Xuan Phuc issued a decree according to which the State Bank of Vietnam, the Ministry of Public Security and other authorities are given the right to strictly control activities related to bitcoin and other types of cryptocurrencies. The decree also prohibits banks from providing any payment services related to illegal cryptocurrency transactions and obliges the Ministry of Justice to speed up the development of a regulatory framework for managing and combating virtual assets.
“Investment and trading in cryptocurrency, as well as raising funds through ICOs, have caused too many problems recently,” the prime minister said in a statement.
State news agency Vietnam News Agency reported that Ho Chi Minh City authorities have asked the police investigate the release of Ifan and Pincoin tokens by Modern Tech JSC. The request followed an outcry from citizens who accused the company of “the largest cryptocurrency scam worth VND 15 trillion,” which is equivalent to US$658 million.
Modern Tech JSC CEO Ho Xuan Van’s mobile phone is disconnected and other company officials cannot be reached.
“All types of cryptocurrencies and all transactions with them are illegal in Vietnam. We are collecting information on the case, but we cannot proceed with the investigation until we receive formal charges from any of the alleged victims,” Le Dong Phong, Ho Chi Minh City police chief, told Reuters.
According to https://www.aljazeera.com
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