The Vietnamese prime minister calls on the state bank for the CBDC pilot program

Vietnamese Prime Minister Pham Minh Chinh has called on the State Bank of Vietnam (SBV) to carry out a pilot project for a digital currency (CBDC).

The study is expected to issue a digital currency using blockchain technology between 2021-2023. The Prime Minister highlighted this in his decision on the strategy for developing e-government towards a digital government.

Blockchain-based cryptocurrencies are simply one of several basic technologies that Vietnam hopes to develop and master. Others include artificial intelligence (AI), big data, augmented reality and virtual reality (AR / VR). The prime minister said these could create significant progress, providing favorable conditions for building a digital government.

Cryptography in Vietnam

There have been conflicting definitions of cryptocurrencies and virtual assets in Vietnam. However, so far there seems to be a general consensus on the part of the authorities. For many years, the SBV stressed that cryptocurrencies, including Bitcoin, have not been legally recognized in Vietnam. The use of cryptocurrencies as a means of payment is also not legally recognized and protected. Finally, so far the central bank has not granted licenses for any cryptocurrency trading platform.

Despite this skepticism at the government level, authorities remain intrigued by the potential of digital assets set in a blockchain. Last year, the Ministry of Finance created a group to study virtual assets and cryptocurrencies, and then propose policies and management mechanisms.

Huynh Phuoc Nghia, deputy director of the Innovation Institute at Ho Chi Minh City University of Economics, says “digital money is an inevitable trend.” According to him, it is time for the government to study and carry out the pilot implementation of cryptocurrency.

Blockchain fans

While they are a bit skeptical about cryptocurrencies, Vietnamese authorities have already found a way to benefit from blockchain technology. Last year, Vietnam’s Ministry of Education and Training hung its high school and university diplomas on a chain of blogs.

The Vietnamese government is calling for additional use of the blockchain, including its electronic identification system (eKYC), although no details will be given yet. If it continues at this pace, Vietnam could overtake Malta in the blockchain education space.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *