People who buy and sell SJC gold bars at illegal locations will be punished.

This is the information mentioned by the State Bank Branch Region 2 in an official dispatch sent to agencies and departments in Ho Chi Minh City to propagate regulations on gold trading and buying and selling, issued on the evening of May 14.

Accordingly, the State Bank Branch Region 2 informed that people are only allowed to buy and sell SJC gold bars at credit institutions and enterprises licensed by the State Bank to buy and sell gold bars.

Gold trading enterprises (gold jewelry and fine art) that are not licensed to trade in gold bars and buy and sell gold bars with individuals and organizations are in violation of the provisions of Decree No. 24/2012 on gold market management and other relevant legal provisions.

"The business of buying and selling gold bars without a license to buy and sell gold bars and buying and selling gold bars at credit institutions or enterprises without a license to buy and sell gold bars will be punished according to the provisions of Decree No. 88/2019 on administrative sanctions in the field of currency and banking" - said Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Branch Region 2.

State Bank Branch Region 2 recommends that people only buy and sell gold bars at licensed units.

Regulations on buying and selling gold bars will help limit risks and prevent violations of the law.

At the same time, enterprises operating in the field of gold jewelry production; gold jewelry trading; gold bar trading must strictly comply with the provisions of law on operating licenses; certificates of eligibility for gold jewelry production; invoices; product origin; public price listing...

In addition, gold, as a volatile financial asset, is closely linked to many market factors. The State Bank recommends that people consider and be cautious when buying and investing in gold to avoid risks due to fluctuations in gold prices. At the same time, it is necessary to comply with regulations on gold trading.

According to Mr. Nguyen Duc Lenh, good compliance with legal regulations by businesses and people will contribute significantly to stabilizing the market as well as limiting speculation, price manipulation and unnecessary psychological impacts that affect the interests of the economy .

Source: https://nld.com.vn/nguoi-dan-mua-ban-vang-mieng-sjc-tai-diem-trai-phep-se-bi-xu-phat-196250514211626081.htm