Vietnam is interested in creating its own CBDC
Vietnamese Prime Minister urged the representatives of the SBV to examine the process of creation of the CBDC and to offer a pilot integration of the project soon.
The politician stated that the number of non-cash payments in Vietnam is growing rapidly. Even indirectly, the "legalization" of digital currencies by the SBV can stimulate the overall digitalization of finance in the country. The diplomat asked SBV to lead the integration of the national token, establishing a deadline for 2023.
The Minister's settlement “No. 942 QD-TTg” implies the advancement of AI, Big Data, VR, AR, as well as the widespread use of blockchain to transition to a “digital government” system in the foreseeable future.
It should be noted that back in 2018, the SBV issued a ban to banking organizations on the use of cryptocurrencies as a method of payment, after which the companies stopped importing mining supplies into the country. In addition, its representatives have repeatedly emphasized that digital currencies aren't constitutionally identified in Vietnam and refused to issue licenses to private trading platforms.
Even so, Pham Minh Chin considers cryptocurrencies to be an “imminent trend,” so he officially called on the SBV to reconsider its approach to a new asset class. According to researchers from the Finance Department of the Ho Chi Minh University of Economics, most central banks are developing CBDCs, or are already testing them.