Vietnam is one of the hot spots for cryptocurrencies. In recent years, crypto usage growth in Vietnam has continued to grow gradually. Unfortunately, there are also shady cryptocurrency ICOs (initial coin offerings) that successfully scammed people in Vietnam. For this reason, the government officials in the country decided to make a public statement.
The government announced that crypto fundraising events (such as ICO or IEO or other variations) are now considered illegal. They also highly advise Vietnamese citizens not to invest in any crypto fundraising events.
Vietnam government officials believe that cryptocurrencies have not been legally regulated in the country. Just by using them for any kind of purchase is already breaking Vietnamese laws. And of course, investing in any crypto fundraising event is considered worse than using standard public cryptocurrencies.
Back in 2017, the Vietnamese PM had asked the Vietnamese central bank to analyze the pros and cons of cryptocurrencies and if they should be legalized. Nonetheless, the report turned out to be negative. The Vietnamese central bank claimed that any cryptocurrency (including Bitcoin) should stay illegal within the country.
Recently, however, the financial ministry of Vietnam wanted to create a crypto research group where it could provide an idea on how to properly legalize and regulate cryptocurrencies.
Source: CoinTelegraph
