Vietnam police probe into 1,500-person meetup about cryptocurrency
Thursday, June 29, 2023, 19:10 GMT+7
Police in Bac Ninh Province, northern Vietnam are investigating a face-to-face meeting held at a restaurant in the province's Tu Son City where more than 1,500 attendees showed up to discuss the Pi cryptocurrency.
The event was named 'Vietnam GCV 314.159.'
Photos of guests donning purple shirts with the Pi logo spread across social media in Vietnam.
According to reports, these guests each paid VND390,000 (US$16.5) for a ticket to the event.
Some members of the meeting organizer and attendees were reported to exchange motorbikes, refrigerators, televisions, and washing machines for the Pi cryptocurrency there.
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| The venue of the Pi meeting in Tu Son City, Bac Ninh Province, northern Vietnam. Photo: Giang Son / Tuoi Tre |
Pursuant to the Vietnamese government's Decree 80/2016, bitcoin and other cryptocurrencies are not legal means of payment in Vietnam.
The issuance, supply, and use of virtual currencies for payment are banned in the country, said Nguyen Hoang Minh, deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam.
The central bank has repeatedly affirmed that virtual currencies are not legal.
If someone supplies and uses cryptocurrencies, they violate the law and will be subject to sanctions, Minh added.
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