HCMC requires investigation over virtual currency use

HCMC People’s Committee yesterday sent a document asking Police Department to work with authorized agencies to investigate, prevent and counter the use of virtual currencies for payment in the city.

Customers make payment with digital currency at a coffee shop in Tan Binh (Photo: SGGP)

Customers make payment with digital currency at a coffee shop in Tan Binh (Photo: SGGP)

Departments of Industry and Trade, Health, Tourism, Education and Training are responsible for managing activities related to virtual currency payment by service providers in the field they are in charge of, working with the State Bank of Vietnam (SBV) in HCMC and Bank Inspection and Supervision Agency to strictly handle violations.
The city requires SBV’s HCMC branch to work with the agency take responsibility in digital currency use in payment and consult the city on supplementing and modifying documents related to management and handling of virtual properties, electronic and virtual currencies.
According to HCMC People’s Committee, the media has published much information about Bitcoin and other crypto currencies recently. Although they are not considered to be means of payment in Vietnam, the continuos price increase and decrease during short time of Bitcoin has attracted the interest and attendance of many people and that might affect residents’ rights and social life.
HCMC has advised residents and businesses to clearly know regulations on digital currencies to minimize risks and impacts to their legitimate rights and benefits.

By NHUNG NGUYEN – Translated by Hai Mien

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