Vietnam's Central Bank Will Test Cryptocurrency In The Next Two Years

Vietnamese newspaper The Phnom Penh Post reported that the Prime Minister has asked the Central Bank of Vietnam (SBV) to test the blockchain-based cryptocurrency over the next two years. The initiative is part of an e-government development strategy. In addition to cryptocurrency, Vietnam will also focus on the adoption of cutting edge technologies such as big data, artificial intelligence and augmented reality.

The current transition period in the Vietnamese economy is creating a favorable environment for cryptocurrencies. New payment methods are less and less cash-oriented. Vietnamese use more and more QR code and e-wallet apps like Moca, Momo or ZaloPay.

The government's development strategy sets a goal to achieve an annual growth rate of non-cash payments at the level of 20-25% by the end of 2025. In addition, about a million Vietnamese are already using cryptocurrency, and this figure is expected to triple by 2030.

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