The State Bank of Vietnam Will Propose A System For Digital Currency

Creating a cashless payment system in Vietnam during 2021 to 2025 is one of the tasks prioritized by the State Bank of Vietnam.

First and foremost, the State Bank of Vietnam will finish the legal framework, mechanisms, and policies, including researching and proposing mechanisms and policies on national digital currency; and formulate and submit to the Government for promulgation a Decree on a mechanism for controlled testing of financial technology (Fintech) activities in the banking sector.

Simultaneously, this agency completes the legislative framework as well as the present processes and regulations; adopting suitable policies on cashless payment service fees, providing favorable circumstances for users to use cashless payment services at a fair cost…

The State Bank divides the plan into a variety of smaller tasks including: upgrading and developing modern payment infrastructure that is safe and capable of connecting and integrating with other systems; developing modern payment services; and promoting electronic payments in the government sector and public administrative services.

Along with that, the State Bank also enhances its efforts in cashless payment information, propaganda, training, advice, and consumer protection; and strengthens the coordination system to promote non-cash payments.

With the plans outlined above, appropriate units are in charge of delivering payment services, coordinating payment intermediates, and guaranteeing the completion of specified duties.

The strategy is expected to aid in the synchronized and successful implementation of solutions within the scope, authority, and responsibility of the State Bank under the Project on Cashless Payment Development in Vietnam in the near future.

Patrick

CoinCu News