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Central Bank of Iran Bans Banks from Crypto

April 23, 2018 |

Central Bank of Iran Bans Banks from Crypto

Iran’s central bank has issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies such as bitcoin, citing money laundering and terrorism financing risks. However, the local crypto community in Iran believes that the ban will not affect them and some exchanges continue to operate normally.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Banned by Central Bank

Central Bank of Iran Bans Banks from CryptoThe Central Bank of Iran (CBI) has issued a statement on Monday banning the use of cryptocurrencies including bitcoin by banks and financial institutions. This announcement came “amid ongoing debate over how best to regulate the technology,” the AFP elaborated.

According to the CBI, “the government’s money laundering committee had taken the decision in late December and it was now being put into effect,” the news outlet conveyed and quoted the central bank explaining:

All cryptocurrencies have the capacity to be turned into a means for money laundering and financing terrorism and in general can be turned into a means for transferring criminals’ money.

The central bank noted that banks and financial institutions in Iran were informed a few days ago, Mehr News reported.

The ban comes at a tenuous time for the Iranian economy. Between now and May 12, both the EU and the US are expected to decide on a new round of economic sanctions targeting Tehran. This could restore the harsh international controls on Iran that were lifted in the 2015 nuclear treaty between Iran and six major powers, including the US.

Effects of Crypto Community in Iran

Monday’s announcement follows another prohibition recently announced by the central bank, banning foreign fiat currency exchanges.

Central Bank of Iran Bans Banks from Crypto
Mohammad-Javad Azari Jahromi.

The Iranian government has mixed views on cryptocurrency, however. In February, the country’s telecom minister, Mohammad-Javad Azari Jahromi, tweeted the news that his ministry and the CBI are investigating the prospect of running their own initial coin offering (ICO) together. The resulting cryptocurrency would serve as “an experimental model for the country’s banking system,” he believes.

While many people in Iran see cryptocurrencies as a way to overcome problems with international sanctions and the country’s banking system, there are also those who fear “the technology could undermine the country’s already weak banking system and exacerbate capital flight,” the AFP explained.

Central Bank of Iran Bans Banks from Crypto“Iranians working in the fledgling private cryptocurrency market said the ban was unlikely to affect their operations,” the publication further described. A local crypto exchange Coinex has, however, halted activity on its platform in response to the central bank’s action, citing “we always want to make sure we comply with the law,” Hadi Nemati, who works for the exchange, told the news outlet. “But I have seen other crypto exchanges were still working normally,” he clarified, adding:

This ruling referred directly to banks, financial institutions and currency exchangers that work with the central bank…In my opinion, it doesn’t include the general public — it’s not a total ban on cryptocurrencies.

What do you think of the Iranian central bank’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and Mohammad-Javad Azari Jahromi.


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The post Central Bank of Iran Bans Banks from Crypto appeared first on Bitcoin News.

Bitcoin News

White House Backs Funding Increase for World Bank

April 22, 2018 |

The Trump administration is setting aside its skepticism of big international institutions that manage the global economy, in part because it wants to use the World Bank as a counterweight to China’s growing international influence.
WSJ.com: What’s News Asia

Saxo Investment Bank is Bullish on Crypto Over Next 3 Months

April 22, 2018 |

Saxo Investment Bank is Bullish on Crypto Over Next 3 Months

Influential investment bank Saxo released the 35 page, Q2 2018 Quarterly Outlook. In it, the bank’s newly hired Crypto Analyst, Jacob Pouncey, noted the perils of this year’s first financial quarter with regard to digital assets. Taking into account several factors, he believes the next three months could be a breakout time for digital assets, holding the potential to trigger a bull market.

Also read: German Cops Look Hard at Antics of ICO Savedroid After Ghost Prank

Heavy Hitter Saxo Bank Released Bullish Outlook on Cryptocurrencies

It takes all of 33 pages to find it, but there it is: a very influential investment bank not only hired a “Crypto Analyst,” but allowed him to have an authored section titled – Are Cryptocurrencies Entering a New Cycle?

The Danish bank, Saxo, forwarded its general outlook for 2018’s second set of three months. Turning to cryptos, Mr. Pouncey prefaced, “Cryptocurrencies fell back to earth with a bang in the first months of this year, having enjoyed exponential growth in 2017. The situation remains fragile, given the outlook to increased regulation and social media advertising bans. That said, we can’t rule out the possibility of a comeback.”

Saxo is based in Copenhagen, and its products include online trading in futures spreads, funds, bonds, CFDs, stocks, and even a foreign exchange. It has the rare charter of being both a proper bank and a broker. As such, it typically caters to institutional, legacy financial companies (more than 100 globally). Its European presence is well established, though it has exposure in the Middle East and Southeast Asia. Saxo claims to handle $ 12 billion USD daily, having clients in 180 countries.  

Saxo Investment Bank is Bullish on Crypto in the Next 3 Months

That its main analyst in the crypto sector is optimistic going forward means cover for institutional investors who’re looking to dabble. Indeed, Mr. Pouncey details, “The market has seen several acquisitions of crypto exchanges from financial firms such as Goldman Sachs backed Circle acquiring Poloniex, Monex Group acquiring Coincheck, and Yahoo Japan buying a 40% stake in Bitarg Exchange Tokyo.” Additionally, crypto exchanges such as Coinbase have been able to recruit real talent from Silicon Valley, and they’re being placed in key executive positions. These moves seem poised to take advantage of price spikes.

Mr. Pouncey concludes, “several events could serve as springboards for a cryptocurrency bull market in Q2, whether it is through fundamental drivers, or it is just a self-fulfilling prophecy [….] In my opinion, we will eventually see the end of the current, negative cryptocurrency cycle, as many of the weak hands have been shaken out by the bear market and the remaining investors are on the ready to latch onto any good news after the bad start this year.”

Saxo Investment Bank is Bullish on Crypto in the Next 3 Months
Jacob Pouncey

Much of the Positive Outlook is Based on Institutional Investors Entering the Crypto Space

Many professional financial legacy gurus expect the easy credit market to dry up a bit in the coming months as a hedge against inflation. This could mean traditional equities are less attractive, and the search for “uncorrelated assets” begins.

These are “assets that lie outside the reach of the traditional financial system in which cryptocurrencies are a potential alternative,” Mr. Pouncey insists. “Historically, many of the blue chip cryptocurrencies have seen price increases in the face of global uncertainty and [… the] inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”

Do you believe institutional investors are going to enter the crypto market soon? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Saxo Investment Bank is Bullish on Crypto Over Next 3 Months appeared first on Bitcoin News.

Bitcoin News

Most Britons Won’t Support a Crypto Issued by the Bank of England Says Poll

April 19, 2018 |

Most Britons Won’t Support a Crypto Issued by the Bank of England, Poll

Almost two thirds of British people would not support a cryptocurrency issued by their central bank, according to a survey. Pollsters also found that the majority of Britons have already heard of bitcoin, however, a third of the respondents admitted they would be more likely to invest in cryptocurrencies if they were regulated.

Also read: Bank of Japan Turns Back on State-Issued Cryptocurrency

Brits Want Regulated Cryptos, Not Centralized Coins

The survey has indicated a rising awareness about cryptocurrencies in the United Kingdom. The majority of Brits – 93 percent – now say they have heard of bitcoin, compared to 91 percent in January of this year, and 80 percent in November 2017.

Most Britons Won’t Support a Crypto Issued by the Bank of England, PollThe online poll, conducted by D-CYFOR, also found that Britons wouldn’t trust a government-backed crypto, as reported by the Daily Express reported. 60 percent of the interviewed said they would not support the Bank of England in introducing its own digital coin.

British people remain cautious and generally pessimistic about the future of cryptocurrencies. More than 60 percent of those surveyed expect a decrease, or even a collapse in the value of bitcoin over the next six months.

The results come in contrast to those from another survey conducted earlier this year. It found that more than half of financial professionals in the UK, who have invested in cryptocurrencies, intend to buy more digital coins this year.

The pollsters also asked participants if they would consider investing in other cryptocurrencies, besides bitcoin. Fourteen percent said they would put money into Bitcoin Cash (BCH), 20 percent would invest in Ethereum, followed by Ripple with 6 percent, and Litecoin at 5 percent.

About a third of the respondents said they would be “more likely” to invest in cryptocurrency if the government in London regulated the crypto sector.

Central Bank Digital Money – A Dying Prospect

The attitude of the British public towards the idea of issuing a state-backed cryptocurrency is not an isolated sentiment. Mark Carney, the Governor of the Bank of England, has recently spoken against the prospect of releasing a central bank digital coin. Carney is also a critic of bitcoin, claiming that the leading decentralized crypto has failed on the traditional aspects of money – store of value and medium of exchange.

Most Britons Won’t Support a Crypto Issued by the Bank of England, PollOther central bankers have voiced concerns with regards to centralized, government-backed cryptocurrencies. This week, the Bank of Japan’s Deputy Governor, Masayoshi Amamiya, said that digital currencies issued by central banks may have a large impact on the traditional financial “two-tier” system – in which the central bank allows direct access to its accounts only to a limited number of entities, such as private banks. A centralized crypto would affect their “financial intermediation” role by granting households and businesses direct access to central bank accounts, he warned. Mr. Amamiya’s remarks indicated that the Bank of Japan has no immediate plans to issue its own crypto.

Earlier this month, a high-ranking official from the Swiss National Bank expressed similar concerns. According to the member of the SNB’s governing board Andrea Maechler, state-issued digital money would make it easier for account holders to withdraw their funds, if they felt a bank was in difficulties. A government-backed crypto would deliver scarcely any advantages and is not necessary to ensure efficient cashless payments, she noted. Maechler thinks that cryptocurrencies are less risky than any version issued by a central bank.

What do you think about centralized, state-controlled cryptocurrencies? Would you invest in a government-issued digital coin? Tell us in the comments section below.  


Images courtesy of Shutterstock, Brookings.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Most Britons Won’t Support a Crypto Issued by the Bank of England Says Poll appeared first on Bitcoin News.

Bitcoin News

Bank of Japan Turns Back on State-Issued Cryptocurrency

April 19, 2018 |

Bank of Japan Turns Back on State-Issued Cryptocurrency

The Bank of Japan has become the latest government financial institution to recognize the risks of state-issued cryptocurrencies. According to its Deputy Governor Masayoshi Amamiya, a national digital coin may jeopardize the traditional financial system established in developed countries. The Japanese central bank has no plans to issue its own crypto, he said.

Also read: “Private Digital Money” Better than State-Issued, Swiss Central Banker Says

Centralized Coin to Hit Financial Stability

Digital currencies issued by central banks may have a large impact on the current financial system, the Deputy Governor of Japan’s central bank Masayoshi Amamiya said during a fintech conference. He told attendees, including representatives of the International Monetary Fund (IMF) and the Japanese Financial Services Authority (FSA), that the Bank of Japan had no immediate plans to mint its own crypto.

Bank of Japan Turns Back on State-Issued Cryptocurrency
Masayoshi Amamiya

Amamiya noted that central banks were established to overcome “the turmoil caused by multiple payment instruments.” That’s why they were assigned the exclusive role to issue “central bank money,” he explained. In the two-tiered modern financial system, private banks provide payment services to the general public and allocate financial resources to the economy through loans and credits. According to the Bank of Japan’s executive, this structure “reflects the wisdom of human beings in history to achieve both efficiency and stability.”

Masayoshi Amamiya shared his concerns that the issuance of central bank digital currencies will grant households and businesses direct access to central bank accounts. “This may have a large impact on the two-tiered currency system and private banks’ financial intermediation”, BOJ’s representative warned. Currently, the central bank allows direct access to its accounts only to a limited number of entities such as private banks, he remarked.

At the same time, Amamiya believes that central banks should always pay attention to ongoing innovation and follow technological advances in order to provide societies with the best financial infrastructure. BOJ fully acknowledges the importance of understanding innovative technologies not only for maintaining stability, but also for seeking their application in the future, the Deputy Governor said.

State Cryptos Rested on the Back Burner

Masayoshi Amamiya’s comments come at a time when a growing number of central banks and financial authorities are turning their backs on centralized, state-sponsored cryptocurrencies. Proposals to issue such digital coins, with or without blockchain, have been made in several countries over the past few months. They have been seen as alternatives to decentralized cryptocurrencies, like bitcoin, that would allow governments to use the technology without losing control over the financial system.

Bank of Japan Turns Back on State-Issued Cryptocurrency
Swiss National Bank

This month a high-ranking representative of the Swiss National Bank expressed concerns similar to those shared by BOJ’s Deputy Governor. Private-sector digital currencies are better and less risky than any version that might be offered by a central bank, according to Andrea Maechler, a member of the SNB’s governing board. “Digital central bank money is not necessary to ensure efficient cashless payments,” she said.

In Maechler’s words, a government-backed cryptocurrency would make it easier for people to withdraw their money, if they felt a bank was in difficulties. “It would deliver scarcely any advantages, but would give rise to incalculable risks,” she warned. Just like her Japanese colleague, Andrea Maechler saw a threat to the “tried and tested” two-tier system.

Initially enthusiastic about the idea of a state-backed cryptocurrency, the Central Bank of Russia has gradually changed its position, too. Plans to introduce a so-called “cryptoruble” have been postponed. Centrobank revealed intentions to study the possibility of issuing a “virtual national currency” last summer. Later, however, its Deputy President Olga Skorobogatova said “the introduction of a national digital currency seems unjustified”. Russia may instead seek consultations with its partners from EAEU and BRICS on creating a common digital coin for international transactions.

Bank of Japan Turns Back on State-Issued CryptocurrencyThe Russian Finance Ministry, which has led efforts to regulate cryptocurrencies, has also indicated a negative stance on the “cryptoruble”. In a letter to President Putin, Minister Anton Siluanov said that a centralized digital coin isn’t possible due to certain features of cryptocurrencies, including the decentralized nature of distributed ledgers. Russia is now heading in a different direction, with 27 digital economy draft laws to be reviewed by the State Duma this year. Two of them aim to legalize initial coin offerings, mining, and possibly regulate digital currency payments.

Do you think centralized cryptocurrencies have any future? Share your thoughts on the subject in the comments section below.  


Images courtesy of Shutterstock, Coin Dance.


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The post Bank of Japan Turns Back on State-Issued Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

Indian Exchange Takes Central Bank to Court Over Bank Ban

April 18, 2018 |

Indian Exchange Takes Central Bank to Court Over Bank Ban

The Indian bitcoin community keeps fighting for their rights to operate freely in the country like any other industry. The latest show of defiance is a petition to the court against the actions of the Reserve Bank of India by the operators of a local exchange.

Also Read: SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPO

RBI Ban Unconstitutional

Indian Exchange Takes Central Bank to Court Over Bank BanKali Digital Eco-Systems, the company behind the upcoming cryptocurrency exchange Coin Recoil, has appealed to the High Court in Delhi against the recent crackdown on banks providing services to bitcoin related companies by the Reserve Bank of India (RBI).

According to the petitioner, the RBI directive is arbitrary and a violation of the Constitution of India and the court should therefore quash it. The document presented to the count, which news.bitcoin.com has obtained, explains that due to the RBI Circular the company will not be able to secure banking services that are imperative for the business’ operations rendering it “stillborn.” It argues that the ban is unconstitutional on two main grounds.

Freedom of Occupation

Indian Exchange Takes Central Bank to Court Over Bank BanArticle 19 of the Constitution of India guarantees citizens’ rights to carry on any occupation, trade or business. But by preventing exchanges’ access to baking services the government is in affect preventing people from engaging in the business of their choice.

Article 14 prohibits discrimination based on arbitrary and unreasonable classification. The petition explains that the RBI did not provide a clear definition of what constitutes ‘virtual currency’ and that this ambiguity dilutes any reasonability in what may be alleged as a classification. For instance, reward points such as airline miles may also be unreasonably construed as virtual currencies.

Two months ago the Supreme Court of Israel issued an injunction order forbidding one of the biggest banks in the country from halting the account activity of a local bitcoin exchange. This was a major victory for the Israeli cryptocurrency industry that set a precedent for other bitcoin businesses struggling to get banking services in the country. Hopefully the Indian high court will follow this example, even though there is a difference between the authority of a commercial bank and a central bank. Meanwhile, over 42,000 Indians have now signed an online petition that against the RBI directive.

How likely is the Indian high court to rule against the country’s central bank? Share your thoughts in the comments section below. 


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Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Indian Exchange Takes Central Bank to Court Over Bank Ban appeared first on Bitcoin News.

Bitcoin News

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

April 15, 2018 |

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

The central bank of Lithuania has started discussions on regulations with crypto businesses and commercial banks. The reluctance to understand the world of cryptocurrencies leads nowhere, its fintech coordinator said during a meeting in Vilnius. Lithuanian projects have attracted 10% of ICO investments last year, the local community claims. Cryptocurrencies like bitcoin enjoy a growing popularity in the Baltic state.

Also read: Latvia Recognizes Cryptocurrencies in Order to Tax Them

Sitting at One Table

Despite the risks, “the blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere,” a high-ranking official of the Bank of Lithuania said this week. The central bank of the tech-savvy nation has started a dialogue with representatives of the crypto sector and the country’s commercial banks to discuss possible regulations. The decision comes after consultations with other financial authorities, including the Ministry of Finance and the Financial Crimes Investigation Service (FCIS).

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says“We sat at one table – the banks, the ICO companies, the FCIS, and other stakeholders,” said Ekaterina Govina, the central bank’s fintech coordinator, quoted by Obzor. “It is important that banks discuss this [matter] with entities behind initial coin offerings and companies that exchange cryptocurrencies. We have established a dialogue. Let’s see where it’s going to take us,” Govina stated during a conference at the Vilnius University.

The Bank of Lithuania has so far maintained a conservative approach towards ICOs. It has also insisted that traditional financial services should be clearly separated from activities related to “virtual currencies”. The central bank, however, has not relinquished its ambition to turn Lithuania into a fintech center in Northern Europe. It plans to accomplish the goal through accelerating the issuance of inexpensive licenses for crypto businesses and accepting applications in foreign languages such as English.

Banks Don’t Get It

Companies and startups working with cryptocurrencies face various issues, when they need banking services, according to Vitautas Kasheta, head of the Lithuanian association of the crypto economy participants. “Commercial banks don’t understand the nature of cryptocurrency. That’s why they think this is a risky business and demand additional guarantees. They often refuse to set up accounts for [crypto] companies,” he explained.

“The dialogue is necessary. We are interested in having it with everybody, so that we better understand each other’s business models,” said Mantas Zalatorius, president of the Association of Lithuanian Banks. At the same time, consumer protection, money laundering prevention and anti-terrorism financing measures are the main priorities, he insisted. Commercial banks would only provide services to companies that prove the origin of their capital, and not all of them can, Zalatorius added.

Lithuanians Accept It

Cryptocurrency has seen a growing popularity in the small Baltic country. Lithuanian media have published over 1,400 crypto-related articles in the first three months of 2018, compared to just 22 publications in the same period of last year, according to the Mediaskopas monitoring agency.

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says“Lithuania is shining brightly on the world ICO map,” says Egle Nyameikshtite, head of the Vilnius Blockchain Center. According to statistical data presented during the conference, Lithuanian-based projects have attracted 10% of ICO investments last year. “Only Americans and Chinese are ahead of us,” she claims.

Cryptos are also entering everyday life of Lithuanians as a means of payment. The local United Colors of Benetton franchisee has recently announced it is accepting cryptocurrency payments. The stores of the global fashion brand in Vilnius now take bitcoin, etherium, dash, NEM, and steem through a partnership with the payments provider Coppay.

Do you agree that more central banks should try to understand cryptocurrencies before they attempt to regulate them? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Coin Dance.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says appeared first on Bitcoin News.

Bitcoin News

Sliding Bank Stocks Are a Drag on the Dow

April 14, 2018 |

Major US stocks closed lower Friday, weighed down by declines in banks. The Dow Jones industrial average lost 122 points, or 0.5%, to 24,360, per the AP . The Nasdaq composite declined 33 points, or 0.5%, to 7,106. The S&P 500 fell 7 points, or 0.3%,…
Newser

Vietnam’s Prime Minister Directs Central Bank to Strengthen Cryptocurrency Framework

April 13, 2018 |

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework

The Prime Minister of Vietnam has signed a directive for the country’s central bank and the Ministry of Finance to strengthen the management of cryptocurrency-related activities. This follows an alleged fraud involving a cryptocurrency that scammed 32,000 Vietnamese out of VNĐ15 trillion.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Prime Minister’s Directive

The Vietnamese Prime Minister Nguyễn Xuân Phúc has signed a directive to strengthen “the management of activities related to bitcoin and other virtual currencies,” Viet Nam News reported, elaborating:

To limit the risks and adverse impacts on society, as well as promptly detect, prevent and handle fraud, the Prime Minister asked the State Bank of Vietnam (SBV) to direct credit institutions and intermediary payment service organisations not to conduct illegal transactions related to digital currencies.

The authorities have repeatedly warned about the risks associated with cryptocurrencies “as well as their use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud,” the news outlet added.

Preventing Crypto Scams

This directive follows an alleged crypto fraud involving a theft of VNĐ15 trillion (~USD$ 658 million) from 32,000 victims in Ho Chi Minh City. Dozens of investors protested over the weekend at the office of Modern Tech Jsc Co, which marketed the Ifan tokens. They carried banners saying “biggest digital money fraud in history,” the publication conveyed, adding that the location turned out to be a ghost address with no sign of company activities.

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework
Protesters holding banners outside Modern Tech office. Photo: Huy Hung.

For an investment of $ 1,000 or more, Modern Tech promised a return of at least 48% in cash and an additional 8% for recruiting other buyers, one protester explained. However, the global decline of the crypto market has caused Ifan’s value to plummet to about 1 US cent and the company subsequently changed its policy to pay out interest and principal back in the Ifan currency instead of cash, the publication described.

The SBV has been closely following this case, the news outlet reported a central bank official indicating. “We are gathering information about the case, but officially we haven’t launched an investigation until we receive accusations from any of the alleged victims,” Le Dong Phong, the police chief of Ho Chin Minh City told Reuters.

Crypto Laws In the Works

According to the Prime Minister’s directive, financial organizations must “strengthen their management, review and report suspicious transactions related to cryptocurrencies,” Viet Nam News added.

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework
Vietnamese Prime Minister Nguyễn Xuân Phúc.

Following the directive signing, the Vietnamese Government Office published Letter No. 2768 / VPCP-KTTH on Wednesday to provide directions for the Ministry of Finance, Information and Communication as well as the SBV to follow, according to the Government Gazette.

The Prime Minister continues to put the Ministry of Justice in charge of studying and completing a “uniform and unified legal framework on the management and handling of virtual currency, virtual property and electronic money,” the Gazette detailed. The Justice Ministry, the SBV, and other related agencies are already carrying out the crypto-related tasks assigned by the Prime Minister in a directive submitted in January. According to the Gazette, the Justice Ministry sent a written statement to the Prime Minister, stating:

Although there are no regulations on virtual currency, there are also no rules that ban transactions using virtual currency.

The SBV also submitted its comments to the Prime Minister, emphasizing that it “is the only agency issuing paper money and coins” which are the only legal means of payment in Vietnam. “As such, the SBV believes that bitcoin and other similar virtual currencies are not currencies and legal means of payment in Vietnam. The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam,” the Gazette reiterated.

What do you think of the Vietnamese Prime Minister’s directive on cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock and Huy Hung.


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The post Vietnam’s Prime Minister Directs Central Bank to Strengthen Cryptocurrency Framework appeared first on Bitcoin News.

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Bank and technology stocks fall; oil prices climb to a 3-year high

April 11, 2018 |

Companies including banks and technology and healthcare firms fell Wednesday, the day after U.S. stock indexes surged. Oil prices hit a three-year high after President Trump tweeted that the United States will launch missiles at targets in Syria.

Aside from energy companies, stocks were slightly…


L.A. Times – Business