According to the government’s appointment, the State Bank of Vietnam will begin researching and testing “virtual currency” from 2021 to 2023.

According to the Decision 942 Recently issued by the Prime Minister:

With regard to the development strategy towards digital government in the period 2021-2025, “researching, building and piloting a“ virtual currency ”based on blockchain technology is one of the tasks to develop and master the technologies.

The decision clearly states that the agency responsible for researching and piloting the “virtual currency” The Bank of Vietnam, Implementation period from year 2021 to 2023.

Vietnam does not currently have a specific definition of “virtual currency” and virtual assets. The current regulations only relate to the concept of electronic money tied to fiat, which exists in the form of prepaid bank cards, e-wallets or mobile money.

As CoinCu has repeatedly reported, Bitcoin legality in Vietnam is currently still in the “gray area”. That said, the government does not have clear and specific regulation for cryptocurrencies. Therefore, “virtual money” is still a virtual good and not a legal means of payment in our country.

However, the Vietnamese government has shown many signs of a positive approach. The Vietnamese Ministry of Finance has set up a research group to study the management of cryptocurrencies. In addition, the Vietnamese government has issued a list of priority technologies for research – blockchain is called. With such steps, the Vietnamese crypto community is hoping for a ray of hope in the country’s legislation.

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