Several news outlets in Vietnam have reported that the government has instructed the State Bank of Vietnam to pilot a national digital currency based on blockchain. While it seems this will be a central bank digital currency (CBDC), some have reported that it will be a cryptocurrency. That may in part relate to the semantics of the terms virtual or digital currency.
News outlet Thani Nien included commentary from Th.S. Huynh Phuoc Nghia, from the Ho Chi Minh City University of Economics.
“Currently, the traditional currencies of the US, Euro, Japan … have had a great influence in the world currency basket and international trade,” said Nghia. “But in the race to develop new technology, some believe that many small countries like Vietnam may also have the opportunity to rise up and have an influence on the global financial system instead of traditional currencies.”
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