The concept of electronic money was first defined in Decree 52, which will take effect starting July 1. Accordingly, the value of money stored on electronic means will have to be secured accordingly. with the amount of money customers have pre-loaded into banks and e-wallet services.
Previously, according to decrees on non-cash payments, an e-wallet was a service that provided customers with an identifiable electronic account, set up by payment intermediaries on devices such as electronic chips. electronic device, mobile phone SIM card, or computer. In contrast, prepaid cards allow the cardholder to make transactions within the value of the deposited money, corresponding to the amount prepaid to the card issuer.
Institutions providing e-wallet services (i.e. payment intermediaries) must maintain overall balances across all accounts to secure payment for the e-wallet services they provide at The bank is not lower than the total balance on all e-wallets they have issued to customers. At the same time, organizations only allow the use of services for e-wallets linked to customers’ own payment accounts or debit cards.
A clear definition and distinction between cryptocurrencies and virtual currencies is extremely necessary. Electronic money, also known as fiat money, is guaranteed by the State issued by the State Bank, while virtual currency has no guarantee from the State or any other organization. Cryptocurrencies have a certain physical form and exist independently, while virtual currencies depend on the digital environment to exist and are not guaranteed to be converted into fiat currency by the issuers. or manage it.
To address risks related to virtual currencies, strict regulation and management from authorities is necessary. Adding clear regulations on cryptocurrencies in a unified manner will help eliminate virtual currencies and other payment instruments that are not regulated by competent authorities, thereby ensuring a regulatory role. of the State Bank and related ministries is implemented effectively.
Source: T/H
