We are hearing reports from Vietnam that country is planning to full regulate cryptocurrency trading within their borders. They are probably trying to copy India, who made its position and stance on cryptos absolutely clear and told rest of the world what’s up.
Main reason why Vietnam is in such a hurry for regulations is the occurrence of an 865 million dollar fraud lately taking place in the country.
Prime Minister of Vietnam, Nguyen Xuan Phuc released a statement on Wednesday stating that they will establish a new directive to “strengthen the management of activities related to cryptocurrencies”.
So what is going on in Vietnam? As written in biggest newspapers in the country, the fraud is being organized through Vietnamese megacompany Modern Tech JSC, who allegedly have scammed/stolen 865 million dollars from their customers, who thought were buying Pincoin and iFan cryptocurrencies from them. As CRYPTOVIGILANTE’s readers would say, thats business as usual in cryptoland, but this usual business gets punished in Vietnam, and that’s just awesome.
Basically the scam was promising interest payments for the customers, but what eventually happened was nobody received any payments from company and everybody, mostly hardworking Vietnamese people, lost their money. BBIITTTTCOONNNEEEEEEEECT – anybody?
At this time, Vietnam doesn’t allow its citizens to buy things from the store with cryptocurrency, but this is about going to change in coming weeks. Possession of cryptocurrencies is not illegal.
New regulations could see an end to this, with the government clearly set on making sure fraud on this scale can never happen again.
Overall, this is just another spanner in the works for the blockchain revolution in the east, giving another country the ammunition to really clamp down on what should be a thriving and successful industry.
The decision by some individuals to commit atrocious fraud does sadly have a devastating impact on the cryptocurrency industry as a whole.