VOV.VN - Vietnam will pilot the establishment of a cryptocurrency exchange as part of its efforts to develop and manage the digital currency market in an organized manner, said Deputy Minister of Finance Nguyen Duc Chi at a government press conference in Hanoi on March 5.

Vietnam ranks third globally in the number of cryptocurrency holders, data from the Crypto Crunch App indicates that 26 million people in the country own cryptocurrencies, five times the number with stock trading accounts.

Vietnam was the third largest cryptocurrency gainer in the world in 2023, only after the US and UK, with nearly US$1.2 billion, according to US blockchain analysis firm Chainalysis.

VOV.VN - Vietnamese authorities are in the process of verifying and investigating the case of Minh Quoc Nguyen, a Vietnamese national wanted by the FBI for his alleged involvement in a US$3 billion money laundering scheme.

Google searches for “cryptocurrency” increased sharply in recent years as Vietnamese sought investment channels, especially during the pandemic with social distancing measures in place, which forced people to stay home.

With total market capitalization value of US$1.45 trillion as of June 21, the cryptocurrency ecosystem has attracted investors but has also been an ideal hiding place for illegal activities.

A delay in issuing official legal regulations on managing cryptocurrencies will cause a rise in the risks of fraud and theft related to virtual assets, experts have warned.

VOV.VN - Despite experts issuing frequent warnings about the possible risks relating to the use of cryptocurrencies, especially cybercrime linked to Bitcoin, the use of the digital currency is once more booming again domestically as investors try to reap the benefits of the online asset.

VOV.VN - Several economic experts have recently raised concerns about risks being taken by miners when downloading the Pi Network app in order to mine Pi, a new form of digital currency which has yet to be licensed in Vietnam.

Cryptocurrencies are booming in Vietnam as investors consider them promising investments while Government agencies and experts warn of their risks.