Central bank enhances inspections on cryptocurrency transactions
The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.
The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency. (Photo: FORTUNE/VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) has ordered financialinstitutions and other organisations providing payment brokerage services notto conduct cross-border transactions in cryptocurrency for fear of moneylaundering, terrorism sponsoring, tax evasion and fraud.
Under the SBV’s directive, financial institutions and intermediary paymentservice organisations must intensify inspections, promptly report suspicioustransactions with close connections to digital currencies and address violations.
They were ordered to set up plans to prevent illegal transactions and report tothe SBV’s Payment Department before June 30.
Meanwhile, the SBV’s units must work with ministries and branches to carry outlegal framework and solutions to handle illegal acts of using cryptocurrency asa means of payment.
Local branches of the SVB across the nation are required to raise publicawareness of the risks of cryptocurrency investment and trading as well as legalregulations on cryptocurrency.
Cryptocurrency is an illegal non-cash payment method in Vietnam.
Police in Ho ChiMinh City are working with relevant agencies to investigate an allegedcryptocurrency fraud involving more than 32,000 people and a sum of 15 trillionVND (666 million USD).-VNA
Blockchain, a new technology to help explore the various forms of crypto-currencies, could open up new attractive environment for all businesses and investors, said Nguyen Duc Cuong, head of consultancy division at Vietstock – a local financial-business media.
Police in Ho Chi Minh City are coordinating with relevant agencies to examine an alleged cryptocurrency fraud involving over 32,000 people and a sum of 15 trillion VND (666 million USD).
Prime Minister Nguyen Xuan Phuc has required the State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
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The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency. (Photo: FORTUNE/VNA) 
