PM asks central bank to study pilot implementation of cryptocurrency

Saturday, 2021-07-03 16:55:08
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Blockchain-based cryptocurrency is among core technologies Vietnam hopes to develop and master.
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NDO/VNA - Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to study and carry out pilot implementation of cryptocurrency based on blockchain technology in the 2021-23 period.

This was highlighted in the Prime Minister’s Decision No 942/QD-TTg about the e-Government development strategy towards a digital Government.

Cryptocurrency based on blockchain is among core technologies Vietnam hopes to develop and master, as well as artificial intelligence (AI), big data, augmented reality and virtual reality (AR/VR), which are expected to create significant breakthroughs as well as favourable conditions for building a digital Government.

There are no specific definitions for cryptocurrency and virtual assets in Vietnam. For many years, the State Bank had stressed that cryptocurrencies, including Bitcoin, are not legally recognised in Vietnam and the use of cryptocurrencies as a means of payment is also not legally recognised and protected in the country.

The central bank asked credit institutions not to use cryptocurrencies as a type of currency or a means of payment.

To date, the central bank has not granted licences for any cryptocurrency trading platforms.

The Ministry of Finance set up a group to study virtual assets and cryptocurrencies under Decision No 664/QD-BTC dated April 24, 2020 to propose policies and management mechanisms.

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