Vietnam To Include Cryptos In Their Economy Soon

Vietnam’s Prime Minister “Pham Minh Chinh,” asks the central to allocate a legal law to implement cryptocurrencies in the nation.

Highlights

•Within the following two years, Vietnam’s central bank will test a cryptocurrency implementation programme.

•The government wants to learn more about the benefits and drawbacks of virtual assets while also building a management system.

•The central bank’s acceptance of digital currencies could hasten the country’s transition to cadhless payments.

As part of the country’s e-government growth goal, Vietnam’s Prime Minister has proposed that the country’s central bank pilot a blockchain-based cryptocurrency over the next two years.

Prime Minister Pham Minh Chinh /Via scmp.com

Vietnam’s Prime Minister, Pham Minh Chinh, feels that digital money is an “inevitable trend.” From 2021 to 2023, the country’s leader has ordered the State Bank of Vietnam (SBV) to pilot cryptocurrency deployment.

The crypto pilot seeks to assist the government in evaluating the benefits and downsides while building a suitable management structure, according to Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City.

And Twitter never fails to react on situations.

The world is congratulating Vietnam through Tweets.

A good tweet with statistics and numbers,

The History

In May, the country’s Ministry of Finance established a research group to look into crypto-related regulations. Vietnam has already stated that cryptocurrencies are not legal tender in the country.

Source: pinterest.com

Vietnam has prohibited the use of cryptocurrency in payments since 2017. Commercial banks and payment service providers were barred from doing cryptocurrency transactions in 2018. 

Money laundering, terrorism financing, and tax evasion are all risks linked with digital assets, according to the SBV.

After all the haze, finally the chief in action, The Prime Minister of the country himself took the step to digitalise their economy and to compete with other countries who have already acquired cryptos.

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