Consumers are warned not to engage in virtual currency transactions online

The Vietnam E-commerce and Information Technology Agency, Ministry of Industry has warned that Bitcoin and other virtual currencies were not the currency and not legal means of payment in Vietnam. The agency said a number of websites, forums and social networks had recently popularized information about virtual currencies, like: Swisscoin, Bitcoin, Onecoin, Gem coin, IL coin... inviting consumers to join the virtual currency network to acquire huge profits.

However, on Feb 27th 2014, State Bank of Vietnam confirmed that Bitcoin and other virtual currencies were currency and legal means of payment in Vietnam. The possession, sale and use of virtual currency as an underlying asset class is very risky for the people and are not protected by law.

In fact, in 2014 and 2015, many virtual currencies, for example, Bitcoin, are prohibited from transacting in some countries, such as: China, Russia, Thailand..., and even the technical system were hacked in Japan, Hong Kong ... causing big losses to investors and people. Domestically, the police office also received many investor’ denouncements. Investor’s properties were appropriated, after investors had transferred their cash to accounts of the object but did not the equivalent electronic money.

Reported by P.V – Translated by Ngoc Huynh