Vietnamese Prime Minister Pham Minh Chinh has asked the State Bank (SBV) to pilot cryptocurrencies from 2021 to 2023. This was reported by Vietnam News.
He signed a decision approving the country's e-government development strategy. It includes the evaluation of blockchain, artificial intelligence, augmented and virtual reality.
Huynh Phuoc Nghia, deputy director of the Institute of Innovation at Ho Chi Minh City University of Economics, noted the rise of cashless payments in Vietnam and called digital currencies an "inevitable trend".
He said the central bank's recognition of cryptocurrencies would accelerate adoption. Nghia believes testing will help the government assess the advantages and disadvantages of digital assets when developing a governance mechanism.
In 2018, the SBV banned commercial banks and payment service providers from transacting with cryptocurrencies. In the same year, companies and residents in Vietnam stopped importing mining equipment in accordance with an order from the country's Ministry of Finance.
Recall that in 2020, crypto derivatives exchange operator BitMEX, 100x Group, invested $1.5 million in Vietnam's largest digital currency trading platform, VCC Exchange.
In 2021, the Vietnamese computer club was converted into a cryptocurrency mining farm.