Proposal to test digital currency in international financial center in Da Nang

(Dan Tri) - The Ministry of Finance proposed that the International Financial Centers in Ho Chi Minh City and Da Nang have their own development orientations. The center in Da Nang is associated with the pilot of a crypto-asset trading floor.

The Ministry of Finance is seeking comments on a draft Decree to establish an international financial center located in two locations: Ho Chi Minh City and Da Nang. Each center has its own role and development direction.

Specifically, the International Finance Center in Ho Chi Minh City is oriented to become a focal point for concentrating financial capital, technology and high-quality human resources from large financial institutions, banks and investment funds according to the industry cluster model.

The main goal in Ho Chi Minh City is to form a center providing specialized financial services, maximizing the synergy effect between capital mobilization, investment, savings, payment and financial product issuance activities.

The center in Ho Chi Minh City will focus on developing capital markets associated with asset management, fund management, insurance and derivative products, implementing a testing mechanism (sandbox) for Fintech, and innovation in the financial sector. In addition, the center will establish specialized exchanges, new trading platforms, develop commodity and derivative markets, regional supply chain services, logistics centers and seaport transportation.

Proposal to test digital assets and digital currencies in the international financial center in Da Nang (Illustration photo: National Economy Newspaper).

Meanwhile, the international financial center in Da Nang focuses on developing green finance and trade finance to serve small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with free trade zones, high-tech zones, open economic zones, industrial parks, etc.

In particular, the International Financial Center in Da Nang will implement a controlled testing mechanism (sandbox) for a number of new financial models such as digital assets, digital currencies, digital payment and remittance solutions, and allow the establishment of new exchanges and trading platforms.

The international financial center in Da Nang also prioritizes innovation and the application of strategic technologies including artificial intelligence (AI), cloud computing, quantum computing, big data and blockchain, to create a competitive advantage over other financial centers in the region.

In fact, the Ministry of Finance is also drafting a Resolution on piloting the crypto-asset market, which is expected to be issued by the Government this month or later in September. At the regular Government press conference on August 7, Deputy Minister of Finance Nguyen Duc Chi said that in the process of implementing the project to pilot the crypto-asset exchange, the Ministry of Finance studied a lot of experience from countries in the region and internationally.

The Ministry also assessed the situation of Vietnamese citizens participating in buying and selling crypto assets and working with experts in this field.

In the new conditions and not many countries have accepted the transaction of this type of asset, Mr. Chi said that it is necessary to have a careful assessment with relevant agencies. He added that the Ministry of Finance has basically completed the projects in all aspects, proposing to report to the Government. The Government is very cautious and reports to the Politburo to ask for policy on the pilot.

During the pilot period, the Ministry of Finance plans to have more than one exchange participating in the pilot, but not too many, so that the post-pilot evaluation process can be most effective. "There will definitely be more than one exchange participating in the pilot to ensure competitiveness, but not too many to the double-digit level," Deputy Minister Chi emphasized.

Source: https://dantri.com.vn/kinh-doanh/de-xuat-thu-nghiem-tien-so-trong-trung-tam-tai-chinh-quoc-te-tai-da-nang-20250814140431574.htm