Bitcoin skyrockets to $9,000, virtual currency players buy and sell online
Bitcoin prices have continuously increased skyrocketing in the past month, making many investors in Vietnam excited. The peak was on May 31, when Bitcoin prices jumped to a record high above $9,000.
However, the selling pressure was so strong that Bitcoin prices could not hold firm for long, immediately falling to 500 USD after a few minutes.
Statistical results of The Block show that Vietnam ranks 2nd in Southeast Asia, just behind Indonesia in terms of the number of visitors on electronic trading floors. However, if calculated globally, Vietnam is ranked 16th.
The Americans are leading the world in terms of the highest number of visits, accounting for 24.5% of the total number of visits to digital currency exchanges globally. Ranked second is Japan with 10%. The remaining Asian countries are South Korea (6.5%), Indonesia (4.5%), and India are in the Top 5 countries with the largest access to exchanges. These countries account for half of the total number of views on exchanges globally.
If calculated by region, North America is the place with the largest number of people accessing virtual currency exchanges in the world. Followed by Europe, the Atlantic, and Asia.
The State Bank has not licensed any virtual currency exchange
In Vietnam, the State Bank of Vietnam (SBV) has repeatedly affirmed the message: Bitcoin and other similar virtual currencies are not legal means of payment in Vietnam; the issuance, supply, and use of Bitcoin and other similar virtual currencies as payment vehicles is a banned act in Vietnam.
Speaking to the press, Mr. Nghiem Thanh Son, Deputy Director of the Bank's Payment Department, said that the Bank has not licensed any virtual currency or cryptocurrency exchanges. The SBV also does not have the authority to grant a license to trade on this exchange.
In 2017, the Prime Minister issued Decision No. 1255/QD-TTg of the Prime Minister: Approving the Project to Complete the Legal framework for Management and Handling of virtual Assets, cryptocurrencies, and virtual currencies.
In particular, the SBV was assigned to research and develop legal documents related to cryptocurrencies.
The Prime Minister assigned the Ministry of Justice to develop a project and advise the Government on the issue of completing the legal framework for virtual assets and virtual currency. It is known that the Ministry of Justice has completed the project and submitted it to the Government.
In addition to utilities such as speed and cost savings, virtual currency transactions have many potential risks because transactions are completely anonymous. virtual currency can be used to evade taxes, transfer money, and finance illegal transactions. This method creates loopholes for money laundering and money transfer from Vietnam to other countries to buy real estate and participate in other illegal activities.
According to Dr. - Lawyer Bui Quang Tin, CEO ofbizLight Business School, owning, trading, and using Bitcoin has many potential risks because it is likely to be attacked and stolen, data changes, or transactions can be suspended. In addition, the use of Bitcoin and other similar virtual currencies as a means of payment is not currently recognized and protected by Vietnamese law.
