TagVietnam

Nintendo Hightails Some Production Out of China, Debunks Tariff Assertion

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nintendo switch

Gaming giant Nintendo has announced that it is moving part of the production capacity for its Switch console from China to Vietnam. In a statement quoted by USA TODAY, the company revealed that while the bulk of production will remain in China, starting this summer, some of the consoles will be built in Vietnam as part of an effort to "diversify its manufacturing options." The Nintendo Switch...

U.S. Treasury to Name-Shame Vietnam for Manipulating Its Dong

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Vietnam, United States, US

By CCN: Writing for Bloomberg, Michelle Jamrisko and Nguyen Dieu Tu Uyen report Vietnam is at risk of being labeled a currency manipulator. Vietnam is going to be labeled that - by whom? The U.S. federal government and socialist financial system? They're the biggest currency manipulators of all. Jamrisko and Nguyen write: "Vietnam may be the latest country to be targeted by the U.S. as a currency...

Vietnam to Get Its First Ever Cryptocurrency Exchange - But Is It Legal?

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Cryptocurrency, Vietnam, Bitcoin

Kronn Ventures AG, a Switzerland-based blockchain firm, is going to launch a cryptocurrency exchange in Vietnam. The company signed a memorandum of understanding with Linh Thanh Group, a Vietnam-based distribution company, for the establishment of the country's first crypto trading platform. The two further agreed to create a cryptocurrency for their exchange, without revealing how it would serve...

Vietnam Confirms Suspension of Bitcoin, Cryptocurrency Miner Imports

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Blockchain shipping

After months of deliberation, Vietnam has moved to halting imports of cryptocurrency mining equipment according to a customs department in the country. Domestic businesses and individuals have stopped importing crypto mining equipment altogether since the beginning of July, according to the Ho Chi Minh City (HCM) Customs Department, as reported by Viet Nam News on Monday. Officials from Vietnam’s...

Crypto Mining Firm CEO Exit Scams with $35 Million in Investor Funds

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bitcoin mining exit scam vietnam

The CEO of Sky Mining, a crypto mining company in Vietnam, has disappeared with investor funds totaling about $35 million, according to a local news outlet. About 20 investors of Sky Mining reported the matter to the local police in the Phú Nhuận District after learning that "approximately 600 mining machines had been removed" by imposters who had claimed to be maintenance workers. The investors...

Vietnam’s Securities Watchdog Bans Industry from Cryptocurrency Activity: Report

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bitcoin cryptocurrency

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has reportedly forbidden industry firms from engaging in cryptocurrency-related activities. Vietnam’s official state news agency is reporting that the country’s securities markets watchdog has ‘required’ the industry to not partake in “any issuance, transaction or brokerage activities related to...

Vietnam's Central Bank Approves Call to Suspend Import of Cryptocurrency Miners

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Vietnam ASIC Cryptocurrency miner

Vietnam is closing in on a sweeping move to – temporarily – ban the import of ASIC cryptocurrency mining equipment after the central bank approved the proposed plan. The State Bank of Vietnam (SBV), the country’s central bank, is in agreement with a government ministry’s proposal to suspend imports of cryptocurrency miners, local publication Vietnam News reported on Thursday. As reported...

Vietnam Proposes Import Ban on Cryptocurrency Mining Hardware

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Vietnam cryptocurrency mining hardware

Vietnam’s Ministry of Finance (MoF) has proposed a sweeping, albeit temporary, ban on the import of cryptocurrency mining equipment, according to local reports this week. The proposal for the blanket ban was first made by the finance ministry on Monday, with the government body claiming it’s “difficult to regulate” the new cryptocurrencies and forms of payments in tokens created by mining...

Vietnam Investigates Alleged $660 Million ICO Fraud of Pincoin, Ifan

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Vietnamese authorities have asked local ministries and the police to investigate two allegedly fraudulent initial coin offerings (ICOs) that conned 32,000 investors out of a staggering $660 million. The operators of the purported ‘cryptocurrency’ startups fundamentally conducted multi-level marketing schemes, local news outlet Tuoi Tre News reports, pointing the finger at Pincoin and Ifan that...

Vietnam Bitcoin Adopters Face Criminal Prosecution, Fines Up to $9,000

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Vietnam’s central bank has enforced laws that prohibit the issuance and usage of bitcoin as legal tender in the country. The State Bank of Vietnam (SBV), Vietnam’s central bank, has outlawed bitcoin as a legal means of payment after refusing to include the cryptocurrency among non-cash payment methods approved by the authority. As reported by CCN in October, recently updated legal frameworks for...

Vietnamese University Plans to Accept Bitcoin Despite Central Bank Ban

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FPT, a private Vietnamese university is planning to accept tuition fees in bitcoin with a workaround of the central bank’s ban on using cryptocurrencies as payment instruments. FPT University is a private academic institution with campuses in Ho Chi Minh City, Hanoi and Da Nang, Vietnam’s three major cities. The university will soon begin accepting bitcoin for tuition payments from foreign...

Vietnam Bans Bitcoin as Payment Method; Adopters Face $9,000 Penalty

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Vietnam Bitcoin

Vietnam’s central bank has ruled that cryptocurrencies like bitcoin are prohibited as a method of payment in the country. The State Bank of Vietnam (SBV), Vietnam’s central bank, has completed developing a legal framework for cryptocurrencies in the country following orders by Vietnamese Prime Minister Nguyen Xuan Phuc earlier this year. In a newly released notice today, the central bank listed...

Vietnam is Preparing to Legalize Bitcoin

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Vietnam Bitcoin

Vietnam is preparing to legalize bitcoin and other cryptocurrencies under a new plan approved by the prime minister. As reported by VNA, Vietnamese Prime Minister Nguyen Xuan Phuc has asked the Minister of Justice to coordinate with other top advisors, including the State Bank of Vietnam and the Ministry of Finance, to draft a framework for cryptocurrency legalization by August 2018 so that the...

Fake OneCoin ‘License’ is a Forgery, Confirms Vietnam’s Government

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Vietnam OneCoin

The government of Vietnam has debunked the claims of promoters of OneCoin, a digital currency scheme commonly seen as a scam, who purported to have received a regulatory license to operate in the country. Earlier this month in a communal event for affiliates, OneCoin operators reportedly showed off a document that claimed OneCoin had been granted a license to operate in the country with a seal of...

Vietnam’s Central Bank Establishes FinTech Steering Committee

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State Bank of Vietnam FinTech

The governor of the State Bank of Vietnam, the country’s central bank, has signed on the decision to establish a steering committee on FinTech, or financial technology. Signed on Friday by State Bank of Vietnam (SBV) governor Nguyen Van Binh, the ‘SBV Steering Committee on FinTech will see representatives from departments within the central bank as well as the National Payment Corporation of...

Vietnamese Bitcoin P2P Platform Remitano Targets Global Expansion

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Remitano, a Vietnam-based P2P platform for trading bitcoin, has expanded its services across the English-speaking world. The company is targeting bitcoin exchangers, investors and users of remittance services, beginning with Asian countries, including Vietnam, Malaysia, Cambodia and China. Leading sources of traffic on Remitano besides Vietnam are Nigeria and Malaysia. Focus: Fraud Prevention...

Blockchain Payments Platform OKLink Launches in Vietnam

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Hong Kong-based blockchain settlements platform OKLink is now available in Vietnam, enabling international remittances with near-instant settlements over both local fiat currency and bitcoin. With 6.8% of its total GDP in inward remittance, Vietnam is a market ripe for disruption in the space, with emerging FinTech innovations offering the potential for near-instant, low-cost settlements. OKLink...

Moving toward Regulation, Vietnam Could Legalize Bitcoin

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The Vietnamese government is working toward building and introducing a comprehensive legal framework surrounding virtual currencies like bitcoin, a report has revealed. As a country that has seen its fair share of mainstream pyramid schemes misusing bitcoin – leading to regulators and authorities warn against the use of the digital currency – Vietnam is working toward enforcing legal frameworks...

Vietnam Regulator Warns Against Using Bitcoin

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Bitcoin

In a statement, the Department of Electronic Commerce and Information Technology in Vietnam has warned Vietnamese citizens against engaging in investments or the buying and selling of Bitcoin and digital currencies. The Vietnam e-Commerce and Information Technology Agency – which falls under the purview of the Ministry of Industry and Trade (MOIT) – serves as a regulator to support state...

A Newly Announced Partnership Could Mean Increased Bitcoin Adoption in Vietnam

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Vietnamese street, bitcoin

A partnership between Bitcoin merchant services provider Coinify and Bitcoin Vietnam Co. Ltd., Vietnam’s first bitcoin exchange will see advanced merchant processing tools for the Vietnamese market. The new platform will be applicable both online and in point-of-sale outlets in shops around the country. Danish bitcoin- and blockchain-based currency merchant processor, Coinify has announced a...

Vietnam’s VBTC Bitcoin Exchange Relaunches with Help from BlinkTrade

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VBTC Bitcoin Vietnam

Vietnam’s largest Bitcoin exchange, VBTC, is relaunching on BlinkTrade’s Bitcoin exchange platform with an eye on Vietnam’s USD $14 billion remittance market. The exchange promises one-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide. VBTC, a project of startup Bitcoin Vietnam, is taking aim at the unbanked population and will enable users to...

VBTC Launches Vietnam's First Bitcoin Margin Trading Platform with Coinarch

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VBTC Vietnam Co. Ltd. (VBTC.vn), an established Vietnamese Bitcoin exchange, has recently announced a partnership with Coinarch Pte. Ltd.. The two companies are partnering to launch a new service on Vietnam's first Bitcoin exchange called "VBTC Plus" which will be Vietnam's first Bitcoin leverage trading platform. Bitcoin leverage trading, or Bitcoin margin trading is an increasingly popular...

CCN Week in Review: Mt. Gox, Banning BTC in the U.S., Litecoin Donations, and More

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CCN Week in Review: Mt. Gox, Banning BTC in the U.S., Litecoin Donations, and More

This week on CCN, we learned that Mt. Gox is practically bankrupt, that Senator Joe Manchin wants Bitcoin banned in the United States (and Chairwoman Janet Yellen's response), that the Litecoin community raised over 120 LTC for a Vietnamese orphanage, and more. Here are some of our top stories this week (23 February - 2 March) in cased you missed them in article and video form. [youtube ] Gox is...

Litecoin Community Raises over 120 LTC for Vietnamese Orphanage

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The Litecoin community has raised over 120 Litecoins for the Gò Vấp Orphanage in Vietnam. That's about $1500 USD! The goal of 100 LTC was met on February 25 when Charlie 'Coblee" Lee donated 50 LTC. Here's their charity project video. The Vietnam Volunteer Network will assist in transferring the funds to Gò Vấp. They work to raise funds and support the Gò Vấp Orphanage, helping to support...