ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Apr 25th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Vietnam PM Calls For More Gov’t ‘Management’ Of Cryptocurrency Following Scam ICOs

By

Adam

Reese

WriterETHNews.com

After about 32,000 investors allegedly lost the equivalent of $658 million in two Vietnamese ICO scams, the country’s prime minister called for the proposal of ICO and cryptocurrency regulations.

After a Vietnamese company known as Modern Tech Joint Stock Company allegedly perpetuated two ICO scams relating to tokens called iFan and Pincoin, the country's prime minister, Nguyễn Xuân Phúc, instructed a range of government agencies to take a more proactive role in fulfilling their mandates with regard to cryptocurrency.

In a directive published on a government website, Nguyễn ordained[LK1]  that:

"The Ministry of Justice shall assume the prime responsibility and coordinate with the concerned ministries and branches in expeditiously proposing and perfecting the legal framework on management and handling of virtual money and virtual assets; To coordinate with the Ministry of Finance in studying international practices and … proposing measures to raise capital through the issuance of virtual currency (ICO)."

He also tasked the Ministry of Public Security with preventing entities in the country from using cryptocurrencies to launder money and finance terrorism.

The alleged scams reportedly netted some 15 trillion Vietnamese động, worth about $658 million at press time, from some 32,000 investors. At one point, protestors gathered outside Modern Tech's purported headquarters, though reports indicate that the company's operations were not actually based at that site, and that recent attempts to contact company personnel had failed.

iFan investors were allegedly promised monthly interest in the 40-50 percent range, to be paid in cash, and assured that they would make back their investments in no more than four months. They were also reportedly told that if they could persuade other investors to buy in, they would receive an 8 percent commission. The minimum investment accepted, according to a report in the Thai publication The Nation, was $1,000.

After the value of iFan tokens fell to about $.01 apiece, the company began paying out interest in its native assets at a rate that assumed a token value of $5 apiece, rather than in fiat currency.

The government of Ho Chi Minh City (HCMC), where Modern Tech had claimed it was based, has urged the city's police force to investigate the fraud claims, and Nguyễn Hoàng Minh, the deputy director of the HCMC branch of the country's central bank, pledged to cooperate with any police investigation. He also noted, however, that because the central bank does not recognize the legal status of cryptocurrencies, it may lack the requisite standing to help defrauded investors.


 Translations by Google.

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether, Bitcoin, and Monero.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest , or other Ethereum business and finance news.