Vietnam to Pilot Virtual Currencies
Vietnam is taking the first, tentative steps into the world of blockchain, with a pilot scheme on virtual currencies being announced last month. It comes after the government unveiled a national strategy to develop e-government in the period 2021-2025, with orientation to 2030.
Vietnam also hopes to master a number of new technologies such as Artificial Intelligence (“AI”), Big Data, QR codes, and blockchain; all of which will support the move to digital government in the future.
The highlight of this strategy – outlined in Decision No. 942/QD-TTg dated 15 June – is a plan to pilot virtual currencies, with the State Bank of Vietnam (“SBV”) being tasked with overseeing the scheme between now and 2023.
Other notable announcements in Decision 942 include encouraging the development of digital business technologies such as cloud computing, network security, and integrated data-sharing platforms. The government also hopes to research and develop new products and services in the digital space to give Vietnam a competitive advantage in the marketplace and promote national digital transformation.
Decision 942 took immediate effect. However, these products and services will be trialled first in state agencies, before being rolled out to the private sector.