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Ho Chi Minh City
Friday, October 22, 2021

SBV asked to weigh piloting virtual currencies

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HCMC – The prime minister has requested the State Bank of Vietnam (SBV) to study and pilot the use of virtual currencies from 2021 to 2023.

Under a prime minister’s decision on the e-Government development strategy heading toward the digital Government in 2021-2025, the study, development and pilot of virtual currencies is one of the missions to master core technologies, news site Vnexpress reported.

To date, Vietnam has yet to determine a clear definition of virtual currencies and assets.

The trading of Bitcoin, Etherum and the like has become popular among financial investors worldwide.

However, in Vietnam, the central bank has repeatedly affirmed that virtual currencies are not legal e-money and cryptocurrencies remain an illegal means of transaction in Vietnam.

SBV and the Ministries of Justice and Finance are building a legal foundation for the management of virtual currencies and assets. The Ministry of Finance has established a team to study virtual currencies and assets.

The prime minister also sought the study and development of core technologies. The Ministry of Science-Technology and Information-Communications were assigned to boost the study of technologies where Vietnam has an advantage, such as Artificial Intelligence, blockchain, virtual reality/augmented reality and Big Data.

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