According to media reports, Vietnam's Prime Minister has asked the State Bank of Vietnam (SBV) to study and conduct a pilot cryptocurrency based on blockchain technology from 2021 to 2023.

Vietnamese Prime Minister Pham Minh Triet signed "Decision No.942/QD-TTg", approving the country's e-government development strategy, including evaluating artificial intelligence, big data, augmented reality, virtual reality, and blockchain technologies.

Huynh Phuoc Nghia, deputy director of the Institute of Innovation at HCM City University of Economics, said the cryptocurrency pilot project is expected to help the government identify the pros and cons while establishing a proper management mechanism. With cashless payments on the rise in Vietnam, the central bank's endorsement of digital currencies will help speed up the process, which, he believes, "digital money is an inevitable trend."

This May, the Ministry of Finance set up a study group to focus on crypto-related regulations. While previously, Vietnam had said that cryptocurrencies are not legally recognized in the country.

Image source: Bitcoin.com