SBV tightens management of Bitcoin

VGP – The State Bank of Viet Nam (SBV) will keep a close watch on and research international experience and national practices to perfect the legal regulations on electronic money.

September 21, 2017 3:57 PM GMT+7

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The SBV made the affirmation when it comes to the issue of Bitcoin and other types of electronic money.

The SBV will work with the Ministry of Justice and other relevant ministries and agencies to propose appropriate management of electronic money in line with the roadmap which was approved by the PM.

Earlier, the central bank warned on risks of Bitcoin. Since 2014, the SBV has affirmed that Bitcoin and other types of electronic money is neither legitimate monetary nor means of payment. The ownership, trading, and use of Bitcoin and others bring about risks for users and are not subjected to protection.

PM Nguyen Xuan Phuc on August 28, 2017 issued Decision 1255/QD-TTg on approval of the Proposal to establish a comprehensive legal framework for administration of virtual property, virtual currencies and electronic money./.

By Kim Loan