Vietnam joins global peers in developing digital money

Vietnam is playing catch-up in a global race to develop its own digital currency and experts believe this will not only help the country develop new technology but also present an opportunity for Vietnam to join the most technologically-advanced countries.

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The Prime Minister last month endorsed the strategy for developing e-Government towards digital Government in the 2021-25 period.

Accordingly, the State Bank of Vietnam is assigned to research the pilot use of ‘virtual money’ based on blockchain technology in the next three years.

More than 60 central banks across the world are exploring and actively developing their own digital currencies to modernise financial systems as well as counter a possible threat from cryptocurrencies, according to PwC.

Meanwhile, virtual currency is a new concept in Vietnam. The Government also focuses on prioritising research and development of some core technologies in which Vietnam has advantages such as QR codes, artificial intelligence (AI), blockchain, virtual/augmented reality and Big Data, facilitating deployment of digital Government./. 

VNA