The State Bank of Vietnam implements a study to use virtual currency

In the period of 2021 - 2025, with a vision to 2030, researching and piloting the use of virtual money based on blockchain technology is one of the strategic decisions to build e-government and develop digital government.

Recently, the Prime Minister signed Decision 942/QD-TTg approving the e-Government development strategy towards the digital government in the 2021-2025 period, with a vision to 2030.

Notably, the Prime Minister assigned the State Bank to lead to research, build and pilot the use of virtual currency based on blockchain technology. The State Bank will implement it within two years from 2021-2023.

Also according to this Decision, the Prime Minister mentioned a number of other tasks aimed at researching, developing and mastering core technologies. In which, the Prime Minister assigned the Ministry of Science and Technology; The Ministry of Information and Communications has prioritized and promoted the research movement on a number of core technologies that Vietnam has advantages in, which can take shortcuts as well as have the ability to create strong breakthroughs such as artificial intelligence. creating (AI), blockchain technology and virtual/augmented reality (VR/AR), big data (Big Data) facilitating the application of advanced digital technologies in Government deployment number. Implement the ordering mechanism, assign tasks to digital technology enterprises to research and develop new technology applications for the Digital Government.

Previously, the Prime Minister issued Decision 2117/QD-TTg dated December 16, 2020 promulgating a list of prioritized technologies for research, development and application to actively participate in the Fourth Industrial Revolution. including blockchain technology.

Currently, Vietnam does not have any regulations on virtual currencies and virtual assets. Previously, the Ministry of Finance said that it had established a Study Group on virtual assets and virtual currencies under Decision No. 664/QD-BTC dated April 24, 2020 to conduct research and propose key contents. policies and management mechanisms according to the functions and tasks of the Ministry of Finance related to virtual assets and virtual money.

The State Bank of Vietnam has initially implemented research on virtual assets and virtual currencies as well as international experience in related management and supervision activities.