Vietnamese former deputy head of the Criminal Police Department Vu Hoang Kien required local residents to avoid persons who call for investments in cryptocurrencies, The Saigon Times has learned.
Cryptocurrencies and other virtual assets are currently not legally recognized in the country.
Kien urged to avoid big promises in the cryptocurrency market as this may mean that they are contrary to Vietnamese laws and may lead to losses.
Nguyen Nam Hao from the Police Department for Corruption, Smuggling and Economic Crimes, the officials are still investigating crypto-related scams despite many warnings issued on the matter.
Given the many cases of fraud associated with cryptocurrency in the country, the official said that it is necessary to adopt more stringent and specific rules in order to minimize the negative consequences associated with cryptocurrency, The Saigon Times highlights.
However, Vietnam is not fully against the market. Previously iHodl reported that Vietnamese bank Tien Phong Commercial (TPBank) successfully implemented international money transfer via the RippleNet blockchain-focused technology.
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