Ghost money too close to real thing

The director of the State Bank of Viet Nam’s issuance and vault department, Nguyen Chi Thanh, spoke to Thoi bao Ngan hang (Banking Times) about the use of fake banknotes for votive offerings

Presently, ghost money, which has a passable reproduction of real Vietnamese money circulated by the State Bank of Viet Nam, is available in many cities and provinces. What do you think about this?

The circulation of this kind of ghost money opposes Government Decision 130/2003/QD-TTg dated June 30, 2003, referring to the protection of the Vietnamese banknotes. The production of votive money may cause people to mistake it for real money, while also adversely impacting the image of Vietnamese banknotes. It is illegal to use the image of the Vietnamese banknotes for any other purposes.

Last year, the State Bank of Viet Nam already asked market control units, relevant organisations and individuals to confiscate this type of votive money.

It is not only votive money, different types of ‘toy money’ are also printed. Worse still, some groups intentionally produce and circulate fake money. What can we do about this?

The design of Vietnamese banknotes including its intellectual property rights is protected by the State. This means the production of votive money, which is very similar in appearance to real banknotes, including the design and colour, therefore violates copyright. This activity encroaches upon the State Bank of Viet Nam. Market control units and relevant offices need to take drastic measures and punish those who produce and trade in this product. The press also has an important role to play in disseminating information and educating people about their responsibility in this matter in order to protect the image of Vietnamese banknotes.

The central bank will co-ordinate with the Ministry of Public Security, the Ministry of Industry and Trade and others to work out a legal document that will regulate sanctions and punishment for violators.

VietNamNet/Viet Nam News

Tags: banking in vietnam, banks in vietnam, vietnam bank, Vietnam banking, vietnam commercial bank, Vietnam finance, Vietnam financial