Vietnamese Prime Minister is interested for Adoption of Central Bank Digital Currency

All over the world countries, are moving towards Central Bank Digital Currency (CBDC) sector and plenty of others are becoming part of it. Vietnam can be considered as the latest entry into it among the countries wishing to explore the possibility of adopting central bank digital currency.

This decision of adoption of CBDC sector has been made by the Prime Minister (PM) of Vietnam, which has explored the possibilities of adopting the Central Bank Digital Currency sector.

Great interest had initially been shown by Pham Minh Chinh, the Prime Minister of Vietnam, who had come up with the idea of adopting the Central Bank Digital Currency technology.

Mr. Minh Chinh, the PM of Vietnam desired all the political parties working in Vietnam to fully support him in his new idea. His idea is to adopt CBDC technology and to become successful also in exploring new ways of adopting it more effectively and efficiently.

The regulatory authorities of Vietnam were also requested by him to look into the possibility of introducing this new technology in the country. He further desired that a feasibility report of the CBDC may also be prepared to find out the operational requirements of the platform.

Vietnam has decided for running things on CBDC in a different way than the other countries wanting to adopt CBDC technology. Presently, most of the countries through centralized protocols are aiming to launch CBDCs. Whereas Vietnam is planning through blockchain, which will resultantly make its currency possibly decentralized.

Reports have been received in regards to the initiative taken by the PM on the CBDC. The PM of Vietnam Pham Minh Chinh has made an announcement in regards to development of CBDC. He stated that the Central Bank of Vietnam has been advised to work on the development of Central Bank Digital Currency. He further stated that it will be a further step forward taken towards the development of e-government which he always desired.

Following the announcement made by the PM, the Central Bank of Vietnam revealed its future plans in developing Central Bank Digital Currency (CBDC) in the country. As per the Central Bank of Vietnam, it will be on to it first towards the development and then between 2021 and 2023 piloting of the CBDC.

The idea of Vietnam’s Premier regarding CBDC was welcomed by the political parties in Vietnam for development and implementation. But the other decentralized currencies like Bitcoin, Ethereum, and many others at present are not in good books. Keeping in view this cryptocurrency industry will have to wait for the political parties of Vietnam to become more positive in accepting the technology of CBDC.

It is recalled that in 2018 the utility of Bitcoin (BTC) was banned in Vietnam and up till now along with Bitcoin the other cryptocurrencies are also banned.