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Vietnam’s PM Mandates Central Bank to Study Crypto Implementation

Vietnam’s PM Mandates Central Bank to Study Crypto Implementation
  • Vietnam’s prime minister mandated its Central Bank to study and pilot crypto implementation.
  • The country plans on forming a digital Government through crypto adoption.
  • Vietnam’s Ministry of Finance set up a group to study virtual assets and crypto.

Phạm Minh Chính, Vietnam’s prime minister, mandated the country’s Central Bank to pilot and study the crypto implementation.

According to reports, the pilot implementation is currently under study and is expected to push cashless payments 2021-2023. Based on the PM’s Decision No 942/QĐ-TTg, Vietnam plans on forming a digital Government through crypto adoption.

In line with this, the country wants to develop and master blockchain-based cryptocurrency in its core technologies. Furthermore, the government wants to utilize artificial intelligence (AI), Virtual reality (VR), augmented reality (AR), and big data.

With this, Vietnam’s State Bank becomes the first central bank to explore the practicability and functions of Central Bank Digital Currencies (CBDCs).

Over the years, the State Bank does not legally recognize crypto as a means of payment in the country. In 2018, the country even banned the use of Bitcoin as a means of payment. More so, the central bank requested credit institutions to not use crypto as a type of currency. In fact, they did not grant any licenses for crypto trading platforms in Vietnam.

Consequently, as per Prime Minister’s mandate, the Ministry of Finance set up a group to study virtual assets and crypto. The research group includes the State Bank, the Department of Banking and Financial Institutions, the General Department of Vietnam Customs, etc.

Notably, these digital assets will help in promoting the process of cashless flow for Vietnam. Huynh Phuoc Nghia, Deputy Director of the Institute of Innovation at the University of Economics Ho Chi Minh City (UEH), shared to some reporters:

There’s already an increase in cashless payment in the country. it’s now very necessary for the State Bank to recognize cryptocurrencies. Digital cash is an inevitable trend.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.