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.

  • 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.
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