Banks are prohibited from conducting illegal transactions using Bitcoin

11:34, 11/07/2024

Directive 10/CT-TTg of the Prime Minister on strengthening the management of activities related to Bitcoin and similar virtual currencies.

through numerous warnings from regulatory agencies as well as the increasingly complicated situation related to bitcoin, which poses a risk to the financial market and social order and safety.

The Prime Minister of the Government of Vietnam has issued the following requirements:

- The State Bank, the Ministry of Finance, the Ministry of Public Security, the Ministry of Industry and Trade, the Ministry of Justice, the Ministry of Information and Communications, and the Provincial People’s Committees must strengthen oversight, manage tightly, and cooperate with relevant agencies to limit risk, social repercussions, and prevent illegal activities;- Notably, credit institutions and organizations providing intermediary payment services are prohibited from engaging in illegal transactions involving virtual currencies.

For detailed directives, refer to Directive 10/CT-TTg, issued on April 11, 2018.

Banks are prohibited from conducting illegal transactions with Bitcoin

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn