фото показано с : invezz.com

Phạm Minh Chính, Vietnam’s Prime Minister, has instructed the State Bank of Vietnam to study and trial digital currencies. A report unveiled this news on July 3, noting that unlike the central bank digital currencies (CBDCs) of other countries, which run on centralized systems, Vietnam’s will be blockchain-based.

According to the report, this initiative is part of the Vietnamese government’s e-government development plans, which involve learning and mastering the development of blockchain-based digital currencies, among other technologies. The State Bank of Vietnam is expected to work on this trial from 2021 to 2023. 

Although the country currently lacks any definitions of cryptocurrencies and digital assets, its central bank banned Bitcoin (BTC/USD) as a means of payment in 2018. However, it allowed both individuals and enterprises to invest in crypto privately. On top of this, the country has never issued a license to any crypto trading platform.

On top of banning crypto as a means of payment, the central bank moved to restrict credit institutions from offering services to digital currency-related activities. In so doing, the regulator sought to prevent money laundering.

While Vietnam’s approach towards the crypto sector has been hostile, it changed gears in the past year and took on a relatively friendly stance. For instance, Vietnam’s Ministry of Finance created a group to study the nascent sector in April last year. Apart from studying the blockchain and cryptocurrencies, the group also sought to propose policies and management systems to govern the industries.

According to Huỳnh Phước Nghĩa, the Deputy Director of the Institute of Innovation under the University of Economics HCM City, this change of pace is significant. Agreeing with the Prime Minister’s decision to launch the digital currency trial, he said it was high time for the government to conduct experiments on the implementation of cryptocurrencies. He added that digital money is an inevitable trend.

Through conducting a digital currency pilot, Nghĩa believes the Vietnamese government will be in a position to discover the perks and disadvantages of cryptocurrencies if any. As a result, the government will be well poised to develop an effective management system. He added that while cashless payment methods are increasingly becoming popular in the country, the central bank’s recognition of digital currencies would help expedite their adoption.

Explaining why going the crypto way would benefit Vietnam, Nghĩa said fiat currencies, such as the US dollar, have dominated international trade for a long time. However, developing a central bank digital currency would give Vietnam a fair chance to contribute to the global financial system.

The post Vietnam’s PM directs the state bank to run a trial on digital currencies appeared first on Invezz.

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