Commercial banks simultaneously block virtual currency and Bitcoin transactions

Recently, some commercial banks have sent notices to customers about not conducting virtual currency transactions. This is to implement the State Bank's directive on measures to strengthen control over transactions and activities related to virtual currency.

Vietnam International Commercial Joint Stock Bank (VIB) said that all transactions related to virtual currency are not accepted through VIB's system such as deposits, withdrawals, transfers, card transactions for the purpose of directly or indirectly buying and selling virtual currency bitcoin, ethereum... with entities and virtual currency trading floors such as Remitano, Binomo. Transactions related to virtual currency, if detected, will be refused to be performed and handled according to the provisions of law.

Many commercial banks have taken measures to strengthen control over transactions and activities related to virtual currency.

At Vietnam Public Joint Stock Commercial Bank (PVcomBank), a directive on measures to strengthen control over transactions and activities related to virtual currency and online gambling at this bank was also issued. Specifically, PVcomBank does not conduct transactions related to money laundering and terrorist financing; does not provide payment services, conduct card transactions, grant credit via cards, or transfer money internationally to customers involved in virtual currency trading, online gambling, and other illegal gambling activities...

"This requirement is applied by PVcomBank throughout the system to review and prevent virtual currency transactions at the bank," said a representative of this bank.

Public Bank Vietnam also recommends that customers do not conduct transactions or activities related to virtual currencies. The bank also requires its officers and employees not to participate in buying, selling, exchanging, investing and trading Bitcoin and other similar virtual currencies; as well as not to use any of the bank's services for transactions related to virtual currencies.

Representatives of some commercial banks said that transactions related to virtual currency, Bitcoin, etc. can be detected through the professional expertise of the anti-money laundering and risk management departments of each bank. However, controlling, detecting, preventing, reviewing and reporting virtual currency transactions is also difficult.

For example, commercial banks are payment intermediaries, executing payment orders at the request of account holders based on transaction risk assessment according to regulations. At the same time, there are still no specific instructions or regulations on virtual currencies and virtual currency trading activities such as signs of detecting transactions related to virtual currencies, list of virtual currencies, trading floors, transaction codes and individuals and businesses operating in the field of virtual currency trading...