Vietnam to trial virtual currency
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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.
Questions & Answers
Q.What is the State Bank of Vietnam tasked with doing regarding virtual currency?
What is the State Bank of Vietnam tasked with doing regarding virtual currency?
The State Bank of Vietnam is ordered to study and trial the use of virtual money based on blockchain technology. This initiative is part of mastering core technologies and will run until 2023.
Q.What is the current legal status of cryptocurrencies for transactions in Vietnam?
What is the current legal status of cryptocurrencies for transactions in Vietnam?
Cryptocurrencies, including Bitcoin, are currently an illegal means of transaction in Vietnam. Despite this, trading such assets is popular among investors using foreign platforms.
Q.How prevalent is cryptocurrency usage in Vietnam compared to other countries?
How prevalent is cryptocurrency usage in Vietnam compared to other countries?
According to a survey by market researcher Statista, Vietnam has the second-highest rate of cryptocurrency usage globally. This data covers 74 different economies.
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