General Department of Police warns against the use of cryptocurrencies

PSNews - Despite official warnings and recommendations from the local authorities, cryptocurrencies still become more and more popular in Vietnam. It is more worrisome as the trading of crytocurrency may lead to many hidden risks, such as fraudulent acts and money laundering, especially when crytocurrency tends to spread toward the countryside. 

Lieutenant General Tran Van Ve, acting General Director of the General Department of Police under the Ministry of Public Security said that, according to the current Vietnamese laws on monetary and banking, Bitcoin or other cryptocurrencies are not a legal method of payment. At the same time, owning, trading and using cryptocurrencies can generate many risks, such as fraudulent acts, appropriation of property by swindling or money laundering.

The acting General Director of the General Department of Police recommended that organizations and individuals should not invest, own or conduct any transactions related to Bitcoin or other similar cryptocurrencies. The police force will also promote mass dissemination and strictly punish cryptocurrency related crimes, he stressed.

Currently, there are several Vietnam-based financial cyber floors in Vietnam using Bitcoin, such as Airbitclub, Bitkingdom and BMW. What these financial cyber floors have in common is they officially regard Bitcoin as a monetary product or a means of financial transaction, and trade the cryptocurrency on a multi-level marketing model; that is to say, they take real money from a later buyer to pay for the earlier buyer. To lure more investors, they promise an annual profit of 30% to 80%. The cryptocurrency trading network is taking place in Vietnam spontaneously without licenses by any state agencies.

The police agencies have identified that all servers providing electronic codes are located outside Vietnam. Therefore, the police force is not able to handle any frauds, asset appropriation or cyber violations in cryptocurrency trading.

The police agencies have eliminated a number of online criminal rings with fraudulent acts and appropriation of property in cryptocurrency trading. The Police Department for High-Tech Crime Prevent in coordination with Dong Nai Provincial Police cracked down on an illegal ring that had mobilized capital for cryptocurrencies with their appropriated money amount of up to 140 billion VND, arrested Nguyen Minh Phuong (aged 39, residing in Bien Hoa City, Dong Nai Province) and two other suspects.

The Investigation Police Division of the Bac Tu Liem District Police (Ha Noi) also arrested 3 suspects related to the multi-level network Boss - Bitcoin.com. In Nghe An, the authorities also spotted a number of suspects organizing seminars on cryptocurrrency with the participation of 250 people.

According to the recent announcement of the State Bank of Vietnam on October 28, the issuance, supply, and use of Bitcoin and other similar virtual currencies as means of payment have been prohibited in Vietnam. From January 1st 2018, acts of distributing illegal payment methods, including the use of Bitcoin and other similar virtual currencies, may be subject to criminal prosecution.

At the Q&A session on November 16 of the National Assembly,  the State Bank of Vietnam Governor Le Minh Hung reiterated the State Bank of Vietnam's view saying that that Bitcoin is not a legal currency. "Bitcoin is not also a legal payment method. Therefore, the use of Bitcoin as a payment method is not in compliance with the current laws", said the Governor.

By An Nhien

Other News

Vietnam’s Ministry of Public Security opens training course for Lao officers

Vietnam’s Ministry of Public Security opens training course for Lao officers

Senior Lieutenant General Dr. Le Quoc Hung, Member of the Party Central Committee, Deputy Secretary of the Public Security Central Party Committee and Deputy Minister of Public Security, attended and delivered remarks at the opening ceremony of a training course for Party committee officials of the Lao Ministry of Public Security, held at the People's Public Security Political Academy, on the afternoon of May 18.

Artistic exchange program “Shining from the People’s Trust”

Artistic exchange program “Shining from the People’s Trust”

The Ministry of Public Security, on May 17, held the artistic exchange program “Shining from the People’s Trust” to mark the 10th anniversary of the “Outstanding Women in Public Security” Award (2015–2024), alongside the presentation ceremony for the 2025 “Outstanding Women in Public Security” Award and the commendation of “Excellent Female Grassroots Police Officers”.

MPS holds community reintegration program

MPS holds community reintegration program

PSNews - Recently, the Police Department of Temporary Detention and Community-based Correction Management under the Ministry of Public Security, in coordination with the Central Committee of the Vietnam Youth Federation and the Hanoi City Police Department, organized the 2026 community reintegration program themed “Heading Toward the Dawn" in Hanoi. 

Minister Luong Tam Quang meets with Economic Security Force

Minister Luong Tam Quang meets with Economic Security Force

Member of the Politburo and Minister of Public Security General Luong Tam Quang attended and delivered remarks at a meeting with the Economic Security Force held to celebrate the founding anniversary of the Economic Security Force (May 13), on May 12 in Hanoi.

Vietnam and Singapore boost cooperation in security and digital transformation

Vietnam and Singapore boost cooperation in security and digital transformation

PSNews - Amid increasingly complex transnational crime, high-tech fraud and cybersecurity threats, Vietnam and Singapore have agreed to strengthen cooperation between their law enforcement agencies, promote digital transformation and enhance connectivity between their electronic citizens’ identification platforms.

Ministry of Public Security enhances cooperation with UNDP

Ministry of Public Security enhances cooperation with UNDP

PSNews - UNDP resident representative in Vietnam Ramla Khalidi has recently affirmed that Vietnam’s development priorities are closely aligned with the cooperation goals of the United Nations and UNDP in Vietnam. The two sides have evaluated the outcomes of their past cooperation efforts aimed at enhancing law enforcement capacity and ensuring human rights protection.

MPS leadership sends letter of commendation to Ha Tinh Provincial Police

MPS leadership sends letter of commendation to Ha Tinh Provincial Police

Senior Lieutenant General Pham The Tung, member of the Party Central Committee and Deputy Minister of Public Security, sent a letter to the Ha Tinh Provincial Police Department, on May 13, praising the local police for their achievements in dismantling a large-scale criminal network involving gambling, fraud and appropriate property in cyberspace as well as launder money.

MPS opens training course on journalism and communication

MPS opens training course on journalism and communication

The Ministry of Public Security’s Communications Department, in coordination with the Son La Provincial Police Department, opened a 2026 journalism and communications training course, on May 14, in Son La Province, for more than 300 reporters, editors and communications officers working in the People’s Public Security Forces.

Strengthening Party’s leadership over fire prevention, firefighting and rescue operations

Strengthening Party’s leadership over fire prevention, firefighting and rescue operations

The Secretariat of the Party Central Committee held a meeting to review the 10-year implementation of Directive No. 47-CT/TW isued on June 25, 2015 by the Secretariat on strengthening the Party’s leadership over fire prevention and firefighting work, and to disseminate Directive No. 02-CT/TW of the Secretariat on strengthening the Party’s leadership over fire prevention, firefighting and rescue operations in the new situation, on the morning of May 7 in Hanoi.