Prime Minister Pham Minh Chinh is calling for action as he believes “it is necessary to study appropriate sanctions, and assign the government to make detailed regulations" targeting the industry.
According to Nikkei, the two countries are revamping their CBDCs efforts in response to the growing popularity of Chinese payments apps like Alipay and WeChat Pay.
While being one of the highest adopters of digital currencies, Vietnam is not the friendliest jurisdiction for digital currency and blockchain firms, according to local reports.
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.
The prime minister has been pushing for e-governance as he seeks to make Vietnam’s government an efficient digital one, putting emphasis on big data, augmented reality, artificial intelligence and virtual reality.
Financial authorities in Vietnam have issued a warning to the public to be aware of the risks of investing in digital currency.
Investing in digital currency remains illegal in Vietnam, and those who encourage people to invest in schemes are considered offenders.
The nine-member group is in charge of exploring and formulating policies to manage digital currencies and virtual assets.
After OneCoin made off with billions of dollars, one of its former top-ranking earners has reinvented it under a new name – OneLink and is targeting investors
Ho Chi Minh City in Vietnam aims to establish a regulatory framework and policies tackling blockchain in an effort for the development of smart cities.
Kronn Ventures AG has officially signed a memorandum of understanding with the Linh Tanh Group, which will pave the way for the establishment of a cryptocurrency exchange in Vietnam.