State Bank of Vietnam: virtual currencies must be strictly managed to combat money laundering
On August 3, at a regular press conference of the Vietnamese government following the results of July 2022, answering the question of whether the State Bank of Vietnam would include cryptocurrencies in the anti-money laundering bill in order to prevent money laundering, Vice Governor of the State Bank of Vietnam Dao Minh Tu said that his the department is carefully and comprehensively studying this issue in order to further improve the bill, which will be presented at the upcoming session of the National Assembly.
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However, Mr. Dao Minh Tu confirmed that currently in Vietnam, Bitcoin or other types of virtual money are not recognized as legal money and electronic money, and are not legal tender.
According to him, the State Bank of Vietnam is amending the Anti-Money Laundering Law, and based on the recommendations of international anti-money laundering organizations, the states of the world should pay attention to assets and products called technologies in the financial sector in order to ensure strict control over them, do not allowing their use for money laundering and other purposes.
The deputy head of the State Bank said that the Vietnamese government will issue by-laws, such as relevant decrees and regulations, to combat money laundering, terrorism, tax evasion, as well as the use of these assets for the purposes of corruption and bribery.