Vietnam Regulator Warns Against Using Bitcoin

Vietnam Regulator Warns Against Using Bitcoin

In a statement, the Department of Electronic Commerce and Information Technology in Vietnam has warned Vietnamese citizens against engaging in investments or the buying and selling of Bitcoin and digital currencies.

The Vietnam e-Commerce and Information Technology Agency – which falls under the purview of the Ministry of Industry and Trade (MOIT) – serves as a regulator to support state management and the enforcement of functions concerning e-commerce and IT to serve the Ministry while in accordance with the laws and regulations.

In a recent press release, the agency warned against the storing or engaging in trade of virtual money, including Bitcoin. The warning includes references to previous bitcoin bans in countries such as Russia and Thailand. It also makes references to monetary losses faced by investors in Japan and Hong Kong, presumably pointing to the closure of the Mt. Gox bitcoin exchange.

The release also points to the stance taken by the State Bank of Vietnam (SBV) in 2014, wherein it explicitly announced that Bitcoin and other virtual

Read more ... source: TheBitcoinNews

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