Vietnam c.bank to research and pilot use of cryptocurrency

Jun 30, 2021 / 05:46 PM

Government agencies are working on a legal framework for the management of cryptocurrencies and assets.

The State Bank of Vietnam (SBV), the country’s central bank, will carry out research and later pilot the use of cryptocurrency based on blockchain technology during the 2021-2023 period.

Vietnam does not see Bitcoin and other cryptocurrencies as legal payment methods. Source: File photo

The move was revealed in Prime Minister’s decision No.942 on the strategy for e-government development towards the digital government in the 2021-2025 period, in which the development and pilot use of cryptocurrency with blockchain technology is considered among key tasks to help Vietnam master core technologies.

At present, Vietnam does not have a specific definition of cryptocurrency and assets, while there are existing regulations that consider e-money in form of credit cards, e-wallet, or mobile money.

In many countries, virtual money such as Bitcoin or Etherum that were developed from blockchain technology has become a new investment channel alongside saving deposits or investing in the stock market and bonds.

Vietnam, however, does not see Bitcoin and other cryptocurrencies as e-money, as the SBV has reiterated several times that “they do not act as a kind of legal tender” in the country, and therefore, not accepted as a medium of exchange.

As of present, the SBV, Ministry of Justice, and Ministry of Finance are working on a legal framework for the management of cryptocurrencies and assets.

Under Decision No.42, Prime Minister Pham Minh Chinh also requested the Ministry of Information and Communications (MIC) to accelerate the R&D process of open platforms and sources for digital government.

The Ministry of Science and Technology and the MIC are expected to prioritize on development of certain core technologies that Vietnam has an advantage of, such as artificial intelligence (AI), blockchain, virtual reality/augmented reality (VR/AR), and big data.

PM Chinh assigned the two ministries to order digital firms developing new apps and techs to be incorporated into the digital government.

Illegal cryptocurrency exchanges turn investors into debtors

15 May, 19:12

All foreign exchange (forex) trading activities in Vietnam are illegal as the authorities have not issued license for any forex trading floor.

Vietnam needs a legal framework to manage cryptocurrency

03 Mar, 15:29

Vietnamese laws have not accepted cryptocurrency as a medium of exchange in the country.

Cryptocurrency is not a legal payment method in Vietnam: C.bank

23 Sep, 12:52

Holding, sale and use of cryptocurrencies as an asset pose numerous risks and are not protected by law, stated a central bank official.

Inclusive innovation must give everyone equal voice, experts say at TECHFEST Vietnam 2025

Open innovation is becoming a cornerstone of Vietnam’s development strategy, as policymakers, experts and international partners emphasize people-centered collaboration to tackle inequality, climate change and urbanization through inclusive, technology-driven solutions showcased at TECHFEST Vietnam 2025.

14 Dec, 02:17 AM

Vietnam attracts $400 million in venture capital as tech startups surge

Vietnam’s startup ecosystem continues to expand rapidly, with strong venture capital inflows and fast growth in digital, AI and green technologies, reinforcing the country’s appeal to global investors.

13 Dec, 04:40 PM

Vietnamese policymakers push for early launch of gold exchange

A transparent gold exchange would not only offer a safe investment channel for the public but also provide a foundation for Vietnam to become a regional hub for jewelry manufacturing and exports.

12 Dec, 04:05 PM

Rosatom commits to advanced-technology Ninh Thuan 1 nuclear plant in Vietnam

Rosatom will transfer technology, localize nuclear products in Vietnam and support the development of the country’s nuclear science and industry for peaceful purposes.

12 Dec, 03:38 PM

Hanoi accelerates innovation reforms to become favorite destinations for investors, technology talents

Hanoi is pushing forward a wide range of innovation-driven reforms and investment initiatives as it works to become one of the world’s most attractive destinations for high-tech and strategic investors.

11 Dec, 10:02 PM

Vietnam mulls sharp rise in casino entry fee for locals

Such higher rates are intended to discourage individuals without adequate financial capacity from entering casinos.

09 Dec, 03:24 PM

Vietnam’s export strength in 2025 builds solid momentum for 2026 growth

With trade turnover nearing the US$900-billion mark, Vietnam enters 2026 with renewed confidence despite global volatility, rising trade barriers and shifting supply chains. Deputy Director of the Import–Export Department Tran Thanh Hai has outlined the drivers of this growth and the priorities for sustaining momentum next year.

08 Dec, 10:00 PM

Vietnam sets new trade record as import–export turnover nears $840 billion

Vietnam recorded its highest-ever trade performance in January-November as import–export turnover surged, driven by strong export growth and a continued trade surplus.

08 Dec, 06:22 PM