A directive signed by Vietnam’s Prime Minister Nguyen Xuan Phuc on Wednesday requested to “strengthen the management of activities related to cryptocurrencies ,” and ordered a total of six ministries to “quickly consider and tackle” the fraud of about $658 million in such assets. Read more: Cryptocurrencies: Japan sanctions Coincheck exchange after massive NEM coin heist The government statement announcing the moves didn’t mention the names of the coins involved in the probe. But state media reported that it was targeted against Vietnamese company Modern Tech Jsc which was accused of scamming tens of thousands of people who bought iFan and Pincoin cryptocurrencies. Read more: Sovereign cryptocurrency: Marshall Islands to launch world-first digital legal tender The Ho Chi Minh City-based company promised to repay clients monthly interest — and more if they could attract other customers — but has been slow to pay them back as the value of the two coins slumped, newspaper VNExpress reported. Paying with cryptocurrencies is illegal in Vietnam, where they are not recognized as a legitimate tender by the central bank. However there are currently no laws explicitly banning the possession of assets such as Bitcoin and Ethereum. Bitcoin: Where it came from and where… Read full this story
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