July 8, 2021 @ 7:41 pm By Priyanka Pani
Vietnam is the latest among smaller nations to have joined the crypto bandwagon as the country is developing a strategy towards having a digital government. In the last few weeks, countries such as
El Salvador, Portugal, and Philipinnes have introduced regulations around cryptocurrencies.
Vietnam’s Prime Minister
Phạm Minh Chính has asked the State Bank of Việt Nam to study and pilot implementing cryptocurrency based on blockchain technology by 2023. The Vietnam government’s decision to consider using cryptocurrencies and blockchain in creating a digital economy comes as a surprise as it was not in favor of these digital currencies until about last year. The Government had asked banks not to accept any cryptocurrencies as a mode of payment and had not given license to any crypto trading platforms.
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7/5/2021 2:16:50 AM GMT
Vietnam’s central bank will pilot a cryptocurrency implementation program within the next two years.
The government aims to explore the advantages and pitfalls of virtual assets while developing an appropriate management mechanism.
The recognition of digital currencies by the central bank could help accelerate increasing cashless payments in the country.
Vietnam’s Prime Minister has requested that the country’s central bank pilot a blockchain-based cryptocurrency over the next two years as a part of the e-government development strategy.
Cryptocurrencies to support the rise of cashless payments
Pham Minh Chinh, the Prime Minister of Vietnam, believes that digital currency is an “inevitable trend.” The country’s leader asked the State Bank of Vietnam (SBV) to pilot cryptocurrency implementation from 2021 until 2023.