Vietnam to launch a pilot project to study blockchain and state digital currency – Bits Media

Prime Minister of Vietnam Pham Minh Chinh (Pham Minh Chinh) ordered, to the State Bank of Vietnam (SBV) launched a pilot program to study blockchain and state digital currency.

According to local media reports, Chin signed the corresponding document, aimed at developing digital technologies in the country. We are talking about conducting research in the field of artificial intelligence (II), big data, augmented reality, virtual reality (VR) and blockchain. The Prime Minister also believes, that sooner or later digital currencies of central banks will become "inevitable", Therefore, he instructed the Central Bank of Vietnam to conduct the necessary research and testing during the period from 2021 by 2023 the years.

Deputy Director of the Institute of Innovation at the University of Economic Hoshimin Huin Fouok NGIA (Buoc Nghia) said, that this initiative will identify the advantages and disadvantages of state stablecoins, and also develop effective mechanisms for their implementation. He added, that the country has an increase in cashless payments, Therefore, the introduction of the digital currency of the Central Bank can speed up the transition to digital payments.

As for cryptocurrencies, Earlier, Vietnam Bank stated, that they should not be recognized as a legal means of payment in the country. IN 2018 The year SBV prohibited commercial banks and payment services suppliers to make transactions with cryptocurrencies, since they can be used to launder money, financing terrorism and tax evasion. In March, the Ministry of Finance Vietnam also warned the public about the risks of cryptocurrency investment due to the lack of clear regulation in the country.