The finance ministry does not support RBI's plan to ban digital assets because a decision to ban them will only be effective if there is international collaboration due to their borderless nature.
Deputy Prime Minister Le Minh Khai appointed the Ministry of Finance to oversee digital assets and explore and amend laws to build a legal framework for the nascent industry.
Bank of Thailand, the Securities and Exchange Commission, and the Finance Ministry issued the joint statement where they said digital currencies aren’t fit to be used as payment methods.
The country’s financial services regulator has reportedly established a new unit that will oversee the industry, even as the Finance Ministry increases its headcount to better police the rapidly growing industry.
Financial authorities in Vietnam have issued a warning to the public to be aware of the risks of investing in digital currency.
The State Bank of Vietnam (SBV) has decided that no more cryptocurrency mining machines are needed in the country.