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Vietnam signals interest in blockchain and cryptocurrency

Vietnam's latest initiatives on promoting blockchain and studying cryptocurrency application are expected to spark huge interest in the country's potential cryptocurrency future.

Blockchain and cryptocurrency will be major topics of interest for Vietnam in 2021-2025.

Prime Minister Pham Minh Chinh has just signed Decision No.942/QD-TTg approving the country's e-government development strategy in the period of 2021-2025 with a vision to 2030.

Particularly, the PM assigned the State Bank of Vietnam (SBV) to thoroughly research and build a cryptocurrency development and management mechanism based on blockchain technology during 2021-2023 for piloting.

Additionally, the PM also mentioned a number of other tasks related to researching, developing, and mastering core technologies. Of these, the PM assigned the Ministry of Science and Technology and the Ministry of Information and Communications to actively promote research and development on a number of core technologies, including AI, blockchain, VR/AR, and big data, among others.

Last year, the PM issued Decision No.2117/QD-TTg dated December 16, 2020 promulgating a list of priority technology sectors, including blockchain, for research, development, and application to enhance digitally-led services in the Fourth Industrial Revolution.

Previously, the Ministry of Finance said that it had established a special working group on virtual assets and cryptocurrencies under Decision No.664/QD-BTC dated April 24, 2020 to conduct research and propose management measures.

Source: VIR

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