Vietnam Ministry Introduced A Research Group On Cryptocurrency

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Ministry of Vietnam will set up a research group under the supervision of the ministry of finance for cryptocurrencies.
  • The group consists of nine members, and this group will led by the deputy chairman of the state security commission, Pham Hong Son.
  • The research group is going to study all the work related to cryptocurrency and virtual assets.

Per the report, the Ministry of Vietnam will set up a research group under the supervision of the ministry of finance for cryptocurrencies. The research group will study all the work related to cryptocurrency and virtual assets. Some new policies can come into action with this new research group helping tighten the management.

The new policies by Vietnam’s research group 

The group consists of nine members, and this group led by the deputy chairman of the state security commission, Pham hong son. As the virtual assets are growing with high rage, it is essential to manage them. Keeping in mind that the posing risk might harm the market.

A decision was also passed on August 21, 2017, by the prime minister on cryptocurrencies. The decision for the approval of the project for the management of cryptocurrency and virtual assets. Likewise, on April 18, 2018, a new judgment passed by the ministry to improve transaction management, related to bitcoin and different cryptocurrencies for minimizing the negative impact.

Whereas, A decision issued by the state bank governor on April 13, 2018. This decision was on the support to strengthen the control measures over the transactions. The transactions related to the cryptocurrency world examined. To ensure compliance, rules, and regulations about anti-money laundering and management of forex.

Asia carries more than 80% of the bitcoin transaction

Cryptocompare report says More than 80% of bitcoin transactions originated from several parts of Asia, mainly from China, the Republic of Korea, Japan, and Vietnam. Likewise, access to cryptocurrency website from Vietnam recorded in the top five highest around the globe.

All this measure indicates that the virtual assets and crypto market rapidly increasing in Vietnam. Leaving the ministry in worry with the negative effect of virtual assets and cryptocurrency. For resolving these issues, the research group introduced to keep an eye on the digital world and tighten the management.

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