Vietnamese Prime Minister Pham Minh Chinh has directed the country’s Central Bank (SBV) to research and pilot cryptocurrency implementation between 2021-2023, according to a report by Viet Nam News.
This is in line with Vietnam’s quest to develop an electronic government strategy aimed at achieving digital governance.
The Prime Minister approved the “Decision No.942,QD-TTg” which contained the crypto directive given to the SBV and other technologies Vietnam hopes to improve on.
These technologies include artificial intelligence (AI), big data, augmented reality and virtual reality (AR,VR), which are required to lay the foundation for a digital government.
Vietnamese Central Bank ruled that financial institutions do not use or accept cryptocurrency as a ledger means of exchange.
The country’s ministry of finance formulated a group to study digital assets and cryptocurrency back in April 2020, but at the time of drafting this piece, no crypto exchange is licensed to operate in Vietnam.
Deputy director of the Institute of Innovation at the University of Economics HCM City, Huỳnh Phước Nghĩa, believes that the emergence of “Digital money is an inevitable trend.”
The directive from Prime Minister Pham Minh Chinh is expected to drive crypto interest in Vietnam.
Could this be another “El Salvador”? Time will tell.