Vietnam finally joins the crypto bandwagon 

In a news published by Việt Nam News, Vietnam Prime Minister Pham Chinh has released a statement asking the country’s central bank to start a cryptocurrency program. 

This was fortified through the signing of Prime Minster’s Decision No. 942/QD-TTg which aims to expand the country’s capability in digital technology. Vietnam also aims to explore the potential of artificial intelligence, virtual/augmented reality, and big data in improving their economy and way of living. 

The country has also delved into the cashless payments system. Though it has not yet reached the whole country, the government plans to expand it through the new signed program. 

Testing the capabilities

The planned pilot program will enable the Vietnamese government to assess the capabilities and limits of digital currency. It will also enable the government to further hone its digital currency capabilities and design it to directly deal with Vietnam’s economic issues. 

Huỳnh Phước Nghĩa, director of the Institute of Innovation at the University of Economics Hồ Chí Minh City,  said that it’s high time for Vietnam to test the potential of cryptocurrencies. 

He added the global financial system is rapidly evolving into a digital state, and the country cannot afford to be left behind with this trend. 

U-turn policy

Vietnam previously had a “cold treatment” with cryptocurrencies and has refused to give them any legal recognition. 

On top of that, the government has also prohibited banks from using crypto as a payment option and hasn’t given licenses to any crypto-related companies. 

That’s why the government’s current digital currency stance is quite surprising, but a clear sign that Vietnam is ready to open its doors on innovative technologies. 

 

Image courtesy of Cointelegraph News/YouTube

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