In Việt Nam, although the legal framework is still primitive, virtual property and currency are being traded widely.— Photo thanhnien.vn HÀ NỘI — Virtual deals in currency and property are still in their early stages. That’s the message from Minister of Justice, Lê Thành Long who feels further study is need to iron out legal issues in the future. Speaking at a conference on virtual property and currency in Hà Nội on Sunday, Long said specialists studied other countries to build a legal framework in Việt Nam. There are many complicated legal issues and no uniform of virtual property and currency, Long said, adding the definition has not been included in any legal document and not issued by State Bank of Việt Nam. Research showed there are three trends to access virtual property and currency including floating, unmanaged but giving some risk recommendations; no recognition, ban on use and transaction; … [Read more...] about Legal framework needed for virtual world
Virtual currency
PM directs to enhance management of Bitcoin, virtual currencies
The PM has signed Directive No. 10/CT-TTg on enhancing management of activities related to Bitcoin and other virtual currencies. Authorized agencies referred to risks related to Bitcoin and other virtual currencies and 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 stability of the financial market, social order and caused huge risks for related organizations and individuals. Thus, the PM has asked the State Bank of Viet Nam (SBV) to direct credit organizations and organizations providing intermediary payment services not to perform transactions related to illegal virtual currency trading and promptly announce illegal transactions as regulated. The SBV coordinates with the Ministry of Public Security to detect and handle illegal use of virtual currencies for payment. The Ministry of Finance … [Read more...] about PM directs to enhance management of Bitcoin, virtual currencies
Police look into major virtual money scam
HCMC Police look into major virtual money scam The Saigon Times Daily Friday, Apr 13, 2018,15:03 (GMT+7) Police look into major virtual money scamThe Saigon Times Daily HCMC – The HCMC government has asked police to investigate a virtual money scam which is alleged to have swindle thousands of people out of more than VND15 trillion (US$658 million), according to local media reports. Modern Tech JSC located at an office building on Nguyen Hue Boulevard in District 1 claimed to be an authorized Vietnamese representative to conduct initial coin offerings for two virtual currencies – iFan and Pincoin – which are said to originate in Singapore and India respectively. Victims were told that the tokens they received would see their value skyrocket once they officially became cryptocurrencies. iFan was introduced as a means of payment for services between celebrities and their fans. The value of the so-called currency … [Read more...] about Police look into major virtual money scam
Vietnam cracking down on use of crypto currency
(VEN) - The crypto currency fever is hitting investors not only in developed countries but also in Vietnam. Although Vietnamese law bans crypto currency exchanges, many people in the country continue investing in this highly risky business. Demonstrating against crypto currency fraud Fear and greed In early April, dozens of people rushed to the headquarters of the Modern Tech Corporation (MTC) in Ho Chi Minh City to claim their money back. MTC had sold iFan and Pincoin – a crypto currency – to about 32,000 people. After investors spent VND15 trillion buying iFan and Pincoin, MTC disappeared with all the money, without paying any interest or principal. iFan investors said MTC cheated them when telling them that iFan is a prestigious crypto currency from Singapore, which could be used to gain naturalized status in the US, to pay with it like a credit card, and/or have it listed on the US Nasdaq stock exchange. MTC promised a payback rate of 48 percent upward and … [Read more...] about Vietnam cracking down on use of crypto currency
Thousands of investors swindled through virtual currency
Impersonating capital contribution and profit sharing arrangements, swindlers have appropriated a total of VND15 trillion ($0.66 billion) through virtual currency. Thousands of investors were cheated by methods using virtual currency After a time of operation and calling for multi-level capital contribution, virtual money projects named ICO (initial coin offering) are in a chaotic situation as more and more fanpages on social networks condemn these fraudulent organisations. Yesterday, a crowd of people has visited the headquarters of Modern Tech Co., Ltd. to protest against the company’s appropriation of over VND15 trillion ($0.66 billion) in virtual money, as well as ask relevant agencies to investigate. This incident is now called “the largest multi-level fraud in Vietnam.” People said that Modern Tech, Ifan, and Pincoin are three capital mobilisation projects. Ifan and Pincoin authorised Modern Tech Co., Ltd. to be their legal representative in Vietnam. … [Read more...] about Thousands of investors swindled through virtual currency