Central bank gives no permission to cryptocurrency platforms

The State Bank of Vietnam giving its permission to virtual and crypto currency trading platforms is fake news.

Nghiem Thanh Son, deputy head of the Payment Department under the State Bank of Vietnam (SBV), made the announcement during a press briefing hosted by the SBV in Hanoi on April 1.

Son stated that the central bank giving its permission to virtual and crypto currency trading platforms is fake news. He noted that the SBV does not have the authority to grant such permission.

He cited that in 2017 Prime Minister Nguyen Xuan Phuc assigned the central bank to scrutinize and draft legal regulations related to electronic money.

With regard to virtual and crypto currencies, the cabinet leader requested that the Ministry of Justice develop a project that puts forward legal documents regulating virtual and crypto currencies.

The project was submitted to the Government for approval. The Government then required relevant ministries and agencies, including the SBV, to scrutinise the project as well as fine-tune the legal framework soon, Son noted.

Booming e-payment services

Meanwhile, the central bank has given permission to 29 payment intermediaries, of which 26 specialize in e-wallet services, reported Nguoi Lao Dong (Labourers) newspaper.

As of December 31 2018, authorized payment intermediaries have offered 4.24 million certified e-wallets in association with bank accounts.

As many as 10,000 selling points and similar entities receive e-wallets. Last year, 214 million e-wallet transactions were handled via payment intermediary providers, a rise of 14.66 per cent against the previous year.

E-payments at large also witnessed the same upbeat mood in recent years. As for 2018, inter-bank e-payment posted VND73 quadrillion (US$3.2 trillion), a surge of 25 per cent on year.