According to local reports, Vietnam will be soon joining the ever-growing list of Asian countries seeking to integrate cryptocurrencies into their state-run banks.
The Viêt Nam News reported that Prime Minister Phạm Minh Chính recently requested that the Vietnamese State Bank begin looking into and piloting implementation for cryptocurrencies based on blockchain technology.
The directive, known as “Decision No.942/QD-TTg”, is a major move in the nation’s e-development strategy, factoring artificial intelligence, big data, augmented reality, and virtual reality, all in parallel with the adoption of digital currencies.
Until now, digital currencies have not been recognised in any official capacity, with no local licenses granted to any digital currency exchange platforms, and the State Bank stressing that citizens should avoid using any non-fiat currency due to its volatility and lack of legal recognition and purchase-protection.
The proposed pilot initiative seeks to allow the government to shift laterally on their approach and generate a robust list of pros and cons for a wider rollout and official recognition of digital currencies by 2023.
Huỳnh Phước Nghĩa, deputy director of the Institute of Innovation, stated that “Digital money is an inevitable trend.”
This is likely in wake of the rapid uptick of cashless payments throughout Vietnam in recent years, which has undoubtedly led government officials to explore avenues around non-fiat currencies.