Phạm Minh Chính, the prime minister of Vietnam, has mandated the country’s Central Bank to study and pilot cryptocurrency implementation.
This puts Vietnam’s State Bank as the first bank of a country to explore the practicability and functions of central Bank Digital currencies (CBDCs).
The country’s State Bank is about to test a cryptocurrency created on blockchain technology and not a centralized project.
On July 3, 2021, a report from the English-language daily Viet Nam News reveals that Phạm Minh Chính, the Prime Minister made the announcement. The PM categorized the initiative as part of his broad developmental strategy in e-governance.