Vietnam’s Deputy PM has asked the country’s Ministry of Finance (MoF) to develop a legal framework on cryptocurrency and virtual assets. The development is part of Vietnam’s Prime Minister Pham Minh Chinh ask of the country’s central bank the State Bank of Vietnam (SBV) to begin working on a pilot project on cryptocurrency in May 2020. The blockchain-based project is expected to be implemented sometime between 2021 and 2023. Reports state that this is part of the government’s plan to develop a strategy towards a digital economy.

The MoF is expected to release a specific time fame for the implementation of the legal framework though no date has yet been released.

The development comes after the MoF on March 30, 2021 established a research group, which began an in-depth study of cryptocurrencies, with a view to achieve legislative reform for the industry in the near term.

While cryptocurrency trading and use are gaining popularity globally, the Vietnamese legislation makes no reference to such transactions.

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