India and China aren’t the only Asian nations struggling with the fate of crypto. Small players like the Vietnam and Philippines are stepping into the arena as well as the fame of virtual currency continues to increase.
As per the Philippines Stock Exchange (PSE), crypto is an asset class that they can’t afford to ignore anymore. And, they believe bringing the cryptosystem to the already existing exchange will be safer than individuals trading on foreign exchanges.
Meanwhile, Pham Minh Chinh, Vietnam’s Prime Minister has reportedly asked the nation’s central bank to conduct a study of crypto so that the government can run its own pilot program from this year i.e., 2021 to 2023.
Both these nations have encountered a huge rise in their netizens using crypto over the previous one year. A survey suggests that they’ve the highest rate of crypto used worldwide, after Nigeria.
As per a report, Chinh has governed the State Bank of Vietnam (SBV) to study virtual currency and conduct a pilot program. However, the exact details of what Vietnam is pondering are unclear.
Central Banks all over the world – including the Reserve Bank of India (RBI) – have been pondering blockchain-based implementations for fiat currencies and Chinh’s decision could be around the same. He has asked the bank to consider virtual currencies as a part of Vietnam’s e-Government development plan of action.
Even so, the stand is a shift for Vietnam’s regulatory scene so far. The nation’s Ministry of Finance had created a group to study digital assets in April previous year. The report proposes that the new study will aid nation find ‘negative and positive aspects’ of crypto. Also, the Philippines wishes to have crypto on its stock exchange.