return icon Vietnamnet.vn

Vietnam c.bank to review draft policies on national digital currency

The move is part of a national strategy to promote non-cash payment in Vietnam in the 2021-2025 period.

{keywords}

 


The State Bank of Vietnam, the country’s central bank, is tasked with drafting policies for the national digital currency.

The move is revealed in Prime Minister’s Decision No.1813 on promoting non-cash payment methods in Vietnam in the 2021-2025 period.

Vietnam currently does not have a specific definition of national digital currency and assets, however, many countries, including China or Japan, have been developing or even putting into pilot use of digital currencies that were issued by the central bank.

Under the prime minister’s decision, the SBV is also responsible for completing the pilot legal framework for the operation of fintech in the banking sector by 2022.

“The move would help promote innovation and new business models in payment services,” it added.

This year, Prime Minister Chinh instructed the Ministry of Information and Communications to draft regulations on e-verification and identification for privacy data protection, while the Ministry of Public Security would provide instruction for data sharing from the national database on citizens to aid the verification of information.

Meanwhile, Chinh called for the launch of a payment agency, which allows non-banking entities to provide non-cash payment services in rural and remote areas.

According to Chinh, the utilization of existing telecom infrastructure and networks to expand the use of non-cash payment services is seen as a cost-efficient solution. The prime minister called for Government agencies to speed up the approval process for mobile carriers to start implementing Mobile Money, a direct carrier billing service.

By 2025, the prime minister expects the value of non-cash payment transactions to be 25 times larger than the GDP, and the proportion of non-cash payments to make up 50% of total transactions in e-commerce.

“In the next five years, the priority is for at least 80% of the population at age of 15 and above to have bank accounts, as well as the rate of organizations and individuals using non-cash payments via e-payment channels to reach 40%,” noted the plan.

In late June, Chinh asked the SBV to carry out research on the use of cryptocurrency based on blockchain technology in the 2021-2023 period.

 

Source: hanoitimes

Government requests prompt trial use of Mobile Money

Government requests prompt trial use of Mobile Money

The Government has urged the use of non-cash payments and the deployment of Mobile Money as a solution. The service is still awaiting licensing.

MORE NEWS

Google Doodle honours first female Vietnamese newspaper editor Suong Nguyet Anh

The world’s most popular search engine Google has paid tribute to Suong Nguyet Anh, the first female editor of the nation’s first women’s newspaper by posting a drawing of her on its homepage on February 1.

Banh Cuon among world top 10 dishes visitors should try in 2023

Australian travel magazine Traveller has listed Banh Cuon, Vietnamese steamed rice rolls, among the top 10 best meals from around the world that visitors should try in 2023.

Party chief directs key tasks for new year

Party Secretary Nguyen Phu Trong on Tuesday chaired a meeting of the Secretariat of the Communist Party of Vietnam (CPV) Central Committee, mapping out key tasks for the new year.

VIETNAM BUSINESS NEWS FEBRUARY 1/2023

Domestic market to drive tourism recovery in 2023: insider

Some big companies made profits in 2022, but others incurred losses

While Duc Giang Chemicals and Binh Son Refining and Petrochemical have reported big profits for Q4 and the year 2022, Vietnam Airlines and leading steel manufacturer Hoa Phat saw big losses for the year.

Vietnamese couple help German bicyclist in distress

Trung and Nhung, a Vietnamese couple, on the way to travel across Vietnam on Tet holiday, saw a foreigner who was facing troubles because of strong winds in Ninh Thuan.

Vietnam develops green agriculture to increase exports to EU

Vietnam is paying attention to mobilising resources to invest in developing green agriculture with an aim to raising the market share of its agricultural exports to the European Union.

Vietnamese team comes first at Southeast Asian Fencing Championship

Vietnam secured the first position at the 2023 Southeast Asian Fencing Championship which has taken place recently in Malaysia.

2023 - Time for Edtech to thrive in Vietnam

Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges.

UK imports from Vietnam in 2022 put at over US$6 billion

United Kingdom (UK) imports from Vietnam amounted to US$6.06 billion last year, rising by 5.2% over 2021, according to the General Department of Vietnam Customs.

Five more registration officials in Hanoi prosecuted for soliciting bribes

Police of Hanoi’s Thuong Tin District has started legal proceedings against five officials at 2915D Registration Centre for taking bribes.

Thai Thi Lien, Vietnam's matriarch pianist and pedagogue, passes away

Thai Thi Lien, one of the founders of Vietnam's National Academy of Music, passed away on Tuesday peacefully at her home at the age of 106, her son Tran Thanh Binh said.

VN striker Tien Linh vies for Asia’s Best Footballer Award 2022

Vietnamese striker Nguyen Tien Linh has been listed among the 25 nominees for the Best Footballer in Asia 2022 award organized by Titan Sports of China.

Visa policy change needed to further attract foreign visitors: tourism authority

A key for Vietnam to attract more foreign tourists at this time is to change its visa policy, said Chris Farewell, a member of the Tourism Advisory Board (TAB).

Da Nang promotes food into unique tourism product

Not only famous for its beautiful natural landscapes, bridges and diverse cultural heritage as well as hospitality of the locals, the central coastal city of Da Nang boasts rich food known to world tourists for its unique taste.
back_to_top