Vietnam: Advancing its Crypto Regulations, aiming for a Digital Government
Vietnam is aiming to build and master blockchain and cryptocurrencies as part of a wider approach to help shift the country’s economy through the use of technology. According to Decision No. 942/QD-TTg, Prime Minister Pham Minh Chinh has instructed the State Bank of Vietnam to explore and launch a pilot implementation of cryptocurrency, built on blockchain technology. As stated in this decision, the Prime Minister is aiming for an e-Government development strategy within the next two years, that will prepare Vietnam to become a “digital government”.
In April of last year, a group was established by the Ministry of Finance, to explore the possibilities of cryptocurrency and submit a regulatory policy proposal. Nghia, Deputy Director at the Institute of Innovation, added that now is a crucial moment for the Vietnamese government to study and launch a pilot crypto regulatory program. He also added that digital money is an unavoidable matter and the pilot program will help develop more appropriate process. Artificial intelligence (AI), augmented reality (AR), virtual reality (VR) and big data are among the few technologies added to the list of priorities for the decision.
To date, Vietnam hasn’t issued any details on its crypto or digital assets regulations. However, the State Bank of Vietnam has released a reminder to its scope, that crypto, like BTC and other digital assets, are not legally protected in the state, not even in the case of crypto being used for payments. Even though Decision No. 942 has already been published, the Vietnamese Central Bank has yet to grant licenses or permits to any crypto firms in the country.
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