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Vietnam to start cryptocurrency pilot program

Monday 5 July 2021 13:35 CET | News

Vietnam’s Prime Minister has asked the State Bank of Vietnam (SBV) to pilot cryptocurrency implementation from 2021 until 2023, as CoinDesk reports.

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. 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. He added that digital money is an inevitable trend.

Previously, the SBV has stressed that cryptocurrencies are not legally recognised 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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Keywords: central bank, cryptocurrency, regulation, blockchain
Categories: Banking & Fintech
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Countries: Vietnam
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Banking & Fintech






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