The Prime Minister of Vietnam has asked for the State Bank of Vietnam to look into implementing cryptocurrency, under the umbrella of a development strategy related to the country’s e-government. This involves assessing big data, AI, virtual reality, augmented reality and blockchain technology.
The pilot program for cryptocurrency is supposed to aid the government in figuring out the advantages and disadvantages, while developing the right mechanism for managing it. Paying with a method other than cash is becoming more commonplace in Vietnam, and the central bank recognizing international currencies would exacerbate this even further.
In the past, the central bank of Vietnam stated that cryptocurrencies are not recognized legally. They even banned crypto in 2018 and argued that using it would increase the risk of tax evasion and money laundering.