​PM urges Vietnam banking sector to prioritize regulating bitcoin

Vietnam’s banking sector should seek measures to regulate cryptocurrency and other digital assets, and mitigate the ‘dark side’ of technological advances, Prime Minister Nguyen Xuan Phuc requested on Tuesday. During these times of fast technological development, local banks should put those tasks on top of their agenda, in addition to continuously cutting lending interest, controlling inflation and resolving bad debts, the premier said during a meeting to kick-start the banking sector’s 2018 action plan in Hanoi. “The Fourth Industrial Revolution has brought about new issues such as cryptocurrency, which in turn creates new challenges for monetary policymakers, so the banking sector should proactively address these problems,” PM Phuc underlined. He recommended that the banking sector should soon develop a set of measures to regulate bitcoin, a digital currency that uses cryptography for security, and other electronic currencies and assets. “Banks should also boost the development of modern applications to catch up with the Fourth Industrial Revolution and ensure security, limit risks that come along with technology,” the PM added. In October 2017, the State Bank of Vietnam outlawed cryptocurrency as a means of payment, while the amended Vietnamese Penal Code, taking effect on January 1, also criminalizes the issuance, supply and usage of cryptocurrency. A woman accesses her account on a bitcoin ATM in Ho Chi Minh City. Photo: Tuoi Tre Resolving bad debts At Tuesday’s meeting, the prime minister also hailed the banking sector for their joint effort in several impressive economic performances Vietnam made last year, including a… [Read full story]


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