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State Bank Tasked With Run Testing For Blockchain-based CBDC by Vietnam PM

By Tracy Hannes | July 6, 2021
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The State Bank of Vietnam is reportedly planning to join the list of banking entities deep-diving CBDCs, as the State Bank of Vietnam has been assigned this mission by the nation’s prime minister. 

Specifically, Prime Minister Phạm Minh Chính reportedly disclosed that the project to study the feasibility and operationality features of a CBDC is included within the scope of a broader e-government development strategy. 

The project reportedly bears some differences compared to other nation’s initiatives, where it is going to run testing for a virtual currency that would be expressly designed upon a blockchain, instead of a centralized protocol.

The central bank is looking to spend resources on developing and implementing the project within the timeframe of 2021-2023. 

The pro-attitude towards blockchain from the Vietnamese politicians is reportedly still distinct from their hostile stance when it comes to decentralized currencies – which the technology is famous for. 

Vietnam has reportedly put a ban on Bitcoin (BTC) in 2018 to function as a payment instrument, while simultaneously still keeping individuals’ and enterprises’ rights to conduct investments in crypto

Beginning the start of 2020, this attitude has reportedly witnessed some changes. Back in May the same year, Vietnam’s Ministry of Finance decided to form a research group, responsible for deep-diving into and generating crypto-centric policy proposals. 

Huỳnh Phước Nghĩa, deputy director of the Institute of Innovation at the University of Economics Ho Chi Minh City (UEH), reportedly shared that with cashless payments witnessing a steady growth locally, recognition of digital currencies by the State Bank would contribute in speeding up the process.

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