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Economy

Vietnam to pilot virtual currency as crypto thrives in gray zone

Central bank instructed to develop blockchain-based digital money

The Vietnamese central bank has been tasked with researching and developing a blockchain-based currency. (Source photos by Reuters)

HO CHI MINH CITY -- After years of warning its citizens not to "gamble" on virtual money, the Vietnamese government has decided to explore creating its own digital currency.

The surprise policy move came buried near the bottom of Prime Minister Decision 942, which lays out a strategy for digitizing the government by 2030. Released last month, it directs the State Bank of Vietnam to research, "develop, and pilot the use of virtual currency based on blockchain technology."

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