Online gold, money trades cited as illegal

The State Bank of Vietnam (SBV) on May 7 issued an instruction warning investors that online gold and dollar trading was illegal under current law.

SBV said that online trading was risky and that it had caused losses to many investors.

Online trading offers high interest rates, from 5 percent to 20 percent of the volume of money or gold traded per month. To begin online trading, investors typically must open an account of at least 5,000 USD each.

Under current regulations on foreign exchange management, only commercial banks authorized by SBV are allowed to trade in foreign currencies.

All online gold and foreign currency trading activities are illegal.

Ho Huu Hanh, deputy director of SBV in Ho Chi Minh City , said: “Only organizations licensed by the State Bank of Vietnam in this field can provide this service”.

VNA

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