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Thanh Nien newspaper: "Black market" virtual currency - a threat to national security

Virtual money 'black market': Threatening to threaten national security

This is an article that Toiyeubitcoin republished by Thanh Nien newspaper, content related to activities of trading, exchanging virtual currencies, cryptocurrencies or cryptocurrencies (such as Bitcoin or Ethereum). The purpose is for everyone to discuss whether Vietnam will provide a specific legal framework to monitor this emerging field in the near future, if that happens, then cryptocurrencies will become suitable. France in Vietnam, the same way Korea has done recently. However, it must be repeated – and as the article mentioned, trading, trading virtual currencies in Vietnam is “not violating the law”, Vietnam only prohibits the use of virtual currencies as a payment method.

As Thanh Nien released on March 12 reflected that, while many countries have put virtual currencies under supervision to manage them, they are still floating in Vietnam.

Trillions of dong are traded illegally every week on “black markets” and virtual currency exchanges, causing many unpredictable consequences.

Deliberately promoting confusion

In addition to the tricks to attract investors to deposit money, the floor also introduces itself as “the only exchange in Vietnam to work with the Government and have legal assurance”.

The VCC Exchange exchange posted confusing promotional images
The VCC Exchange exchange posted confusing promotional images

Specifically, on the website of VCC Exchange, the article was posted with the content: "VCC Exchange is one of the rare exchanges in the world and the only trading floor in Vietnam that has worked and organized activities. directly interact with the Government and the Ministry of Justice about the exchange and application of blockchain technology ".

Accompanied by a photo of a Deputy Minister of Justice speaking at a conference on blockchain technology, behind the backdrop is the conference name, with the VCC Exchange logo printed.

While in fact, according to Thanh Nien, VCC Exchange is just a sponsor, co-organizing a symposium with the participation of a number of ministries and agencies on a general topic related to virtual currencies.

Under current Vietnamese law, virtual money and cryptocurrencies are not considered assets. While banning the use of virtual money for payment, there is no regulation in the law prohibiting the purchase, sale, exchange or giving of … virtual money. The current legal loophole has created opportunities for cryptocurrency exchanges to spring up, operate publicly and frantically on a large scale, taking advantage of the “gray area of ​​the law” to earn huge profits. without any adjustment to the law.

Increasing crime

Talking to Thanh Nien, representative of the Department of Cyber ​​Security and Prevention of High Technology Crimes (A05 – Ministry of Public Security), said that activities related to trading and investing virtual currencies are not only dangerous. However, it has greatly affected the security and order situation in the country.

Virtual currency is a product of high technology, transactions on the Internet are cross-border, so many cases happening around the world also affect the situation in Vietnam and vice versa.

In 2017, the world witnessed the collapse of Bitconnect virtual currency (BCC) on a global scale. BCC is a virtual currency sold under a multi-level model, owned by Bitconnect Company in the US.

Along with the increasing “galloping” of Bitcoin and other virtual currencies in 2017, the market capitalization of BCC virtual currency reached $ 2.5 billion in many markets, including Vietnam. However, in January 2018, the BCC virtual currency trading floor was closed after 15 months of operation, because it was alleged by the Texas Securities Commission (USA) in connection with fraudulent and fraudulent investment deals.

Immediately, the BCC became “rubbish” after being canceled from all large and small exchanges. The value of BCC from 500 USD has dropped below 1 USD. Thousands of investors lost money pouring money into this floor. In particular, it is estimated that investors in Vietnam also “fly” lost trillions of dong.

In April of 2018, a group of investors in Ho Chi Minh City accused Modern Tech Company and the development team of iFan and Pincoin of fraudulently appropriating assets up to VND 15,000 billion, with the number of victims about 32,000. Most recently, in July 2019, the founder of Plus Token (Pluscoin) in China disappeared with the amount of $ 3 billion of investors (including many Vietnamese investors). This is considered to be the biggest scam involving virtual money ever recorded. According to representatives of A05, in many localities, there have been many cases related to trading and selling similar virtual currencies.

According to A05, local practice shows that investing in trading virtual currencies is now one of the causes of increased crime as well as the situation of law violations. Meanwhile, there is currently no clear and formal legal framework for “virtual assets, cryptocurrencies, virtual currencies”.

They are also not on the list of prohibited goods and services, are not payment instruments or negotiable instruments and have not been recorded in any legal documents of the legal system. Vietnamese law, leading to many difficulties and embarrassment by law enforcement agencies.

For crimes, properties acquired after committing acts of law violation are transferred to virtual currency floors, making it difficult for investigations, potentially threatening security and order. countries, including Vietnam.

The slower “manage” the more damage

In 2017, the Prime Minister approved the project of Improving the legal framework to manage and handle virtual assets, cryptocurrencies and virtual currencies. In particular, the Prime Minister assigned the Ministry of Justice to develop a project and advise the Government in completing the legal framework on virtual assets and virtual currencies.

The ministry has also completed the project and submitted it to the Government. The Government has assigned a number of related ministries and branches, including the Ministry of Justice, the Ministry of Finance and the State Bank, to continue researching to soon have an official legal framework for the operation of virtual currency exchanges. , cryptocurrency.

However, up to now, no regulations have been issued under the Government's proposal. Regarding the direction of the Prime Minister, Thanh Nien has repeatedly contacted responsible people at the Ministry of Justice, but there has been no official response.

From the difficulties and obstacles in the prevention and combat of crimes related to virtual currencies, A05 also recommends that the Ministry of Justice, the Ministry of Finance, the State Bank and relevant ministries and branches urgently develop a legal framework according Decision No. 1255 / QD-TTg dated August 21, 2017 of the Prime Minister on the above project. The State Bank shall take measures to control and prevent cryptocurrency exchanges from using payment services in Vietnam to illegally buy and sell virtual currencies.

Talking to Thanh Nien, Dr. Le Dang Doanh, former Director of the Central Institute for Economic Management, assessed the large number of Vietnamese people participating in the investment and trading of virtual currencies on international exchanges. has led to a huge amount of money flowing abroad, up to hundreds, trillions of dong every day, but individuals and organizations profit without declaration and pay taxes, causing loss of state budget .

"We often say this is a virtual currency but I think it is real money, not virtual at all, while a lot of countries have gradually entered control and management, we still float. The slower it is, the bigger the damage, "said Dr. Le Dang Doanh.

How to “behave” with virtual money?

Regarding the management of virtual currencies, the Ministry of Justice said that in 2017 the Prime Minister approved the project of Improving the legal framework to manage and handle virtual assets, cryptocurrencies, virtual currencies and hand over to the Ministry. The judiciary develops projects and advises the Government in completing the legal framework on virtual assets and virtual currencies.

By the end of 2018, the Government Office issued a document assigning the Ministry of Finance to “make a proposal to formulate legal documents on virtual assets and virtual money”.

Next, the State Securities Commission was assigned by the Ministry of Finance to elaborate specific documents. According to Nguyen Thanh Tu, Director of the Department of Civil-Economic Law, Ministry of Justice, current laws do not consider virtual money as a legal means of payment on the territory of Vietnam and may not in the near future. should be considered a legal means of payment.

However, a particular community or ecosystem can use a certain type of cryptographic asset in that community or ecosystem.

"In this case, it is necessary to treat such behavior as a form of exchange between goods and services with goods and services. The State Bank of Vietnam, as a specialized monetary management agency, needs to strengthen monitoring, supervision and inspection to handle acts of using virtual currencies for money laundering purposes and violating laws. “, Mr. Tu stated his point.

Regarding the activities of using, trading, exchanging and circulating virtual money, Mr. Tu also said that due to the nature of the property and to promote innovation, it is necessary to ensure that there is no restriction on the right to invest and trade. of the owners of these properties, provided they are not intended to perform illegal activities.

Therefore, it is necessary to focus on the management and supervision of “centralized” intermediaries, such as suppliers, operating the trading floor … through setting the conditions to be licensed to operate and maintain the regulations. In the process of operating to ensure the legal safety when resolving disputes arising, to create favorable conditions for the State to manage and collect taxes from these transactions.

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