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Vietnam Prime Minister Asks Central Bank to Study Crypto, Pursue Pilot Implementation: Report
Cashless payments are increasing in Vietnam and the recognition of digital currencies by the central bank would help accelerate that process, an official said.
Vietnam’s prime minister has asked the State Bank of Vietnam (SBV) to implement cryptocurrency as a pilot project from 2021 until 2023, according to a Viet Nam News report.
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- Prime Minister Pham Minh Chinh signed the “Decision No.942/QD-TTg” approving the country’s "e-government" development strategy, which involves assessing artificial intelligence, big data, augmented reality, virtual reality and blockchain technology.
- The cryptocurrency pilot program is expected to help the government to see the pros and cons of crypto, while developing an appropriate management mechanism, Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City, told the publication.
- Cashless payments are increasing in Vietnam and the recognition of digital currencies by the central bank would help accelerate this process, the deputy director said. “Digital money is an inevitable trend,” he said.
- Previously, the SBV has stressed that cryptocurrencies are not legally recognized in Vietnam.
- In 2018, the SBV banned commercial banks and payment service providers from making transactions with crypto, arguing that such activities could increase the risk of money laundering, terrorism financing and tax evasion.
Read more: SBI Ripple Asia Launches Cambodia’s First Cross-Border Remittance Service Using Blockchain
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
