Vietnam PM Asks SBV to Commence Cryptocurrency Implementation

Sahaj  |  Jul 5, 2021

In accordance with the report shared on July 4 by The Phnom Penh Post, the PM of Vietnam, Minh Chinh has asked the Central Bank of the country, SBV, to pilot a crypto asset based on blockchain. As claimed by the Prime Minister of Vietnam, the digitalization of money and the acceptance of cryptocurrency are inevitable.

Vietnam PM Asks SBV to Pilot Blockchain-Based Cryptocurrency

The recent implementation of cryptocurrency in Vietnam has come as a part of the e-Government development strategy of the Prime Minister of the country. 

Minh Chinh believes that the digitalization of money is an inevitable trend and apart from just emphasizing cryptocurrencies, the country will be focussing on cutting-edge technologies such as AI, augmented reality, and big data.

In addition to this, it should be noted that the Ministry of Finance of Vietnam created a research group in the month of May which was tasked with the study of crypto regulations.

Also, it has been noticed that Vietnam has taken this decision in contrast to its previous decision, which was of imposing a ban on cryptocurrencies and Bitcoin back in the year 2017.

Minh Chinh Asks SBV to Observe The Procedure of Crypto Implementation

In accordance with a Vietnam News Report, Minh Chinh has asked the State Bank of Vietnam to pilot the development strategy that involves the assessment of several technologies. 

The Deputy Director of the Institute of Innovation under the University of Economics HCM City, Phuoc Nghia said that the cryptocurrency pilot program is expected to extend assistance to the government in the discovery of the pros and cons of the digital assets while developing an appropriate management mechanism.

It has been witnessed that cashless payments are increasing in Vietnam and the recognition of the digital currencies by the State Bank of Vietnam would help in the acceleration of this process.

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