PM of Vietnam orders Central Bank to conduct cryptocurrency pilot implementation

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.

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