VietNamNet Bridge – Vietnamese banking officials and experts have warned of risks to investors involving a new and illegal digital currency called ILCoins.

An ILCoin conference held in HCM City

Being introduced to Vietnam just three months ago, the virtual ILCoin is attracting thousands of Vietnamese investors who have been pouring tens of billions dong into them.

At many ILCoin conferences being held widely in HCM City and neighbouring provinces, ILCoin is being introduced by a company called Iglamos Vietnam as a new digital currency that is cheaper than Bitcoin or Onecoin.

At a conference held on November 7 in HCM City with some 200 potential customers, an ILCoin "expert" introduced himself as Henry Nguyen said that ILCoin is becoming increasingly popular in the international market and it is now ideal time to invest in the currency, with allegedly high-yield entry packages worth VND2 million to VND225 million.

It is essentially a pyramid scheme, which involves getting other people to buy into the packages.

Vice director of the State Bank's Ho Chi Minh City branch Nguyen Hoang Minh warned that local people should be careful when investing in online currencies.

"The State Bank of Vietnam has not given license to any company trading in virtual or digital currencies," Minh said. "They are illegal and are not accepted as legal tender at local commercial banks."

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