The Vietnamese Ministry of Finance reiterated that there is currently no legislation relating to the issuance and / or trading of crypto assets in the country and, as such, activities involving cryptocurrency trading are to be discouraged.
A local news agency reported that Vietnamese financial authorities have discouraged citizens from trading any form of virtual currency or virtual asset, noting that any business involving securities trading must be done by the two exchanges in the country: Ho Chi Minh Stock Exchange and Hanoi Stock Exchange.
Better if certain things are done by the state?
The Ministry of Finance said: "Vietnam has not adopted any laws relating to the issuance, trade and exchange of currencies and virtual assets". The authorities also found it necessary to emphasize the fact that virtual assets do not fall under the country's securities laws, having no regulations of any kind.
In consideration of the directives of the financial authorities, the State Securities Commission - the subsidiary organization under the Ministry of Finance of Vietnam in charge of the regulation and supervision of securities - has collaborated with the police in an effort to combat the illegal trade in virtual currencies through platforms. online in the country like Bitcoin Revolution. The SSC has also discouraged financial institutions from providing platforms or the opportunity for cryptocurrency trading directly or indirectly.
These directives stand in stark contrast to the growing number of cryptocurrency enthusiasts in the country, particularly users of the Pi network, a new cryptocurrency created by three Stanford Ph.D graduate students: Dr. Nikkolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips. . There are many doubts hovering over the patents of the Pi cryptocurrency due to reports of its dark nature from crypto experts.
Or educate the population to invest?
In an effort to address the situation and the gap these directives have created in the country, the Ministry of Finance has hired a team of experts to research the cryptocurrency industry and subsequently come up with regulatory measures for cryptocurrencies. The authorities also noted the need to educate the public about the risks associated with trading and investing in cryptocurrencies.
A communist country in Southeast Asia, Vietnam has joined its neighbors on the Asian continent to place severe restrictions on virtual goods. While the rest of the world is slowly embracing the trend of virtual currencies, China has declared war on bitcoin mining and India has tried to place restrictions on cryptocurrencies in the country, although the move is likely to be reconsidered due to the statement by the Indian finance minister on promoting innovation in cryptocurrencies.
Whether or not the research team tasked with investigating the Crypto sector will suggest policies in favor of investing cryptocurrencies in the country remains to be seen.
From what happened in Nigeria, we have seen that banning an asset would often only encourage the creation of illegal backdoors to engage in it.