Vietnamese financial authorities have warned the public well-nigh the risks of cryptocurrency investment, every bit the industry is non regulated in Vietnam, local news bureau Thanh Nien reported Wednesday.

The Ministry of Finance of Vietnam stated, "Vietnam has non adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets."

The ministry stated that digital currencies are not office of Vietnamese securities laws and that at that place are only two exchanges, Ho Chi Minh Stock Exchange and Hanoi Stock Substitution, that are allowed to trade securities in Vietnam.

To address this gap, the ministry has established a dedicated research group to investigate the crypto industry and develop crypto regulation policies in the land. The ministry also emphasized the need to heighten awareness about the industry in gild to avoid potential risks in trading and investing, besides as risks associated with illegal and fraudulent crypto-related schemes.

The new alert from the authorities comes among reports of growing skepticism regarding a new cryptocurrency platform called the Pi Network. The network is becoming increasingly popular in Southeast Asia but has some worried that it could be a pyramid scheme. According to a report by VnExpress, Dang Minh Tuan, a blockchain practiced at the Posts and Telecommunications Establish of Technology in Hanoi, said that the Pi Network lacks the transparency of a legitimate blockchain projection.

As previously reported past Cointelegraph, the Vietnamese government has been somewhat hostile to the adoption of the crypto manufacture in recent years, despite its apparent endorsement of crypto's underlying blockchain engineering. After banning cryptocurrency as a ways of payment back in 2018, Vietnamese authorities accept connected to urge the population to avert crypto.