Cryptocurrency poses risk of money laundering
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There is a big risk that cryptocurrencies will be used in Vietnam for laundering money since there is no legal framework to regulate them, a lawmaker has said.
Vietnam is among the top countries globally in terms of cryptocurrency ownership but it does not even recognize the asset, Duong Van Phuoc from the central province of Quang Nam said at a meeting Wednesday.
“Cryptocurrencies could be used by criminals to fund terrorism,” he said, adding that digital asset criminals are not getting caught due to the lack of regulations.
He called for including cryptocurrencies and other digital assets in money laundering laws.
State Bank of Vietnam governor Nguyen Thi Hong said there have been similar proposals before but the government has yet to decide which authority could be entrusted with overseeing them.
According to digital currency payment company Triple A, around 5.96 million Vietnamese, or 6.1% of the population, own cryptocurrencies.
Questions & Answers
Q.What is the primary concern regarding cryptocurrency in Vietnam?
What is the primary concern regarding cryptocurrency in Vietnam?
A lawmaker has stated that the main concern is the significant risk of cryptocurrencies being used for money laundering. This is due to the absence of a legal framework to regulate them in Vietnam, which also means criminals are not being caught.
Q.Does the Vietnamese government currently recognise cryptocurrency as an asset?
Does the Vietnamese government currently recognise cryptocurrency as an asset?
No, the article indicates that Vietnam does not currently recognise cryptocurrency as an asset. Despite this, the country is noted as being among the top globally for cryptocurrency ownership.
Q.What proposals have been made to address the risks posed by cryptocurrency?
What proposals have been made to address the risks posed by cryptocurrency?
A lawmaker has called for cryptocurrencies and other digital assets to be included in existing money laundering laws. Similar proposals have been made previously, but the government has not yet decided which authority would oversee them.
Q.How many people in Vietnam are reported to own cryptocurrencies?
How many people in Vietnam are reported to own cryptocurrencies?
According to figures from digital currency payment company Triple A, approximately 5.96 million Vietnamese individuals own cryptocurrencies. This represents around 6.1% of the country's total population.
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