Government approves national research program for digital currencies
On October 28, Deputy Prime Minister Le Minh Khai signed Resolution No. 1813 / QD-TTg of October 28, 2021 approving the project to develop cashless payments in Synthetic Team for the period 2021-2025. The overall aim of the project is to bring about a positive change in cashless payments in the high growth economy and to make cashless payment methods a habit in society, deep and remote areas; reduce the social costs associated with cash.
In particular, the government has hired the State Bank to complete construction and issue a controlled audit mechanism for financial technology (fintech) activities in the banking sector in order to create a legal framework that meets the requirements of the State Bank of Synthetic Team. Promote innovation, create and use new cooperation and business models in payment services.
At the same time, the State Bank of Synthetic Team is studying and proposing mechanisms and guidelines for the national digital currency.
Resolution No. 1813 / QD-TTg of October 28, 2021 | The source: The Law Library
In the program, the government proposed many solutions, including completing the legal corridor, as well as the mechanisms and guidelines for developing cashless payments in the period 2021-2025.
The State Bank completed the wording and published a decree replacing Decree No. 101/2012 / ND-CP of November 22, 2012 on cashless payments and the development of guidance documents; Review, study and proposal of amendments, additions and replacement of Decree No. 222/2013 / ND-CP of December 31, 2013 on cash payments in order to strengthen the management of cash payment activities, especially for the purchase and sale of real estate of great value after the Housing Act, the Real Estate Industry Act, the Act to Prevent and Combat Money Laundering and the Act to Prevent and Combat Corruption.
According to AZCoin News