Vietnam PM Asks Central Bank to Study, Crypto, Pursue Pilot Implementation: Report

4 July 2021

Vietnam’s Prime Minister has asked the State Bank of Vietnam (SBV) to pilot cryptocurrency implementation 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 discover the pros and cons 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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