Tightening management of virtual currencies to prevent money laundering: SBV
The State Bank of Vietnam (SBV) has given timely instructions to banks in order to prevent risks and acts that take advantage of virtual currencies in transactions, Deputy Governor Dao Minh Tu has said.
Hanoi (VNA) – The State Bank of Vietnam(SBV) has given timely instructions to banks in order to prevent risks and actsthat take advantage of virtual currencies in transactions, Deputy Governor DaoMinh Tu has said.
Asked about whether thecentral bank includes cryptocurrencies in the draft Law on Anti-MoneyLaundering at a regular government meeting in Hanoi on August 3, Tu said the central bank is considering this issue cautiously and comprehensivelyin preparation for the perfection of the draft law to be submitted to thelegislature during its upcoming session.
The official reaffirmed that bitcoin andother similar virtual currencies are not legal means of payment in Vietnam.
Illustrative image (Source: VNA)
According to Tu, on the basis of recommendationsby global anti-money laundering organisations, countries should pay attentionto assets and products, the so-called technology in the financial sector, toensure strict management and prevent money laundering or terrorism and other purposes.
Apart from the law, the Government will issuedocuments to fight money laundering, terrorism andtax fraud or even the use of the assets as gifts, which has been seen as corruptionand bribery, he continued.
Credit institutions or intermediate payment serviceproviders are not allowed to perform transactions and tasks related to virtualcurrencies due to possible risks of money laundering, terror financing ortax fraud, Tu said./.
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SBV Deputy Governor Dao Minh Tu (Photo: VNA) 
Illustrative image (Source: VNA) 
