Vietnam to trial virtual currency

The Vietnamese government has ordered its central bank to study virtual money using blockchain technology over three years amid rising interests in this type of currency.

The State Bank of Vietnam will be in charge of studying and trialing the use of virtual money from this year until 2023 as part of key objects in mastering core technologies, according to a government decision.

The government does not give a clear definition of virtual currency and assets.

For now, cryptocurrencies remain an illegal means of transaction in Vietnam. However, the trading of Bitcoin and the like is popular with many investors using foreign platforms and social media to make money from this asset.

Vietnam has the second-highest rate of cryptocurrency usage among 74 economies, according to a survey by market researcher Statista.