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Vietnam’s Central Bank To Initiate A Cryptocurrency Implementation Program

  • In the coming two years, Vietnam’s central bank will work on a program designed to implement cryptocurrencies.
  • Vietnamese government is weighing the possibilities by exploring advantages and challenges with digital assets.
  • If the country gives digital currency a legal value, it would have an impact on Vietnamese economy.

Countries across the globe are exploring possibilities with cryptocurrencies. Vietnam, where cryptocurrencies have become popular in recent years, is considering experimenting with digital assets. The country’s prime minister has asked the central bank, the country’s top financial authority, to start a pilot project and develop a strategy regarding cryptocurrencies and their use. The project is directed to last for two years.  

Pham Minh Chinh, the Prime Minister of Vietnam, believes that with the use of digital currencies the country can limit the use of paper currencies and said that with the popularity of cryptocurrencies increasing each passing day, it is impossible to ignore them.  

Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City, says that the plan includes evaluating the advantages and how the country can allow cryptocurrency adoption.“  The recognition of digital currencies by the central bank would help to accelerate this process,” opined Nghia.

Though the country doesn’t recognise cryptocurrencies as legal tender, the number of cryptocurrency users in the country has risen steadily since 2017. Also,  according to the data from the country’s top financial authority, the use of digital payments has also grown at an exponential rate. Earlier in the year, El Salvador became the first country to make Bitcoin a legal currency and it wouldn’t be surprising if we see other countries following suit.

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