Experts worry over e-money’s red-hot growth

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According to economist Prof. Ha Ton Vinh, Bitcoin has seen red-hot growth, rapidly rising from about 13 USD in 2013 to over 5,000 USD at the present. It can go up to 10,000 USD in the future, Vinh said.

After Bitcoin split into two derivative digital currencies, the classic Bitcoin and the Bitcoin Cash on August 1, its value continuously hit new records.

The bitcoin-US dollar exchange rate may have climbed back above 4,000 USD, but it might be ready to push higher even though China uncertainty reigns supreme. (Photo: Bitcoin.com)

The usage of the virtual currency has not been legalized in many countries, Vinh explained, citing China as an example. The neighbouring country has put a ban on fundraising through initial coin offering (ICO) activities, he said.

The State Bank of Vietnam has declared the ownership, trading and use of Bitcoin and other virtual money as an asset illegal and given regular warnings about potential risks associated to e-money.

Experts are also worried that e-money could be a tool for crimes, such as money laundering, drug trafficking, and tax fraud while the digital money is at a high risk of being attacked, stolen or disrupted in transaction.

In that context, the Prime Minister has approved a plan to develop a legal framework for the e-money management. The Minister of Justice was assigned to prepare legal documents related to virtual assets and money while the Ministry of Finance is responsible for issuing regulations on taxes on e-money in June, 2019.

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