State Bank: Researching digital currency (CBDC), not licensing any Forex floors

In a report recently sent to the National Assembly on the implementation of the National Assembly's Resolution on questioning, the State Bank said that recently, this agency has consulted the experience, researched, and implemented digital currency projects of a number of central banks around the world .

Specifically, the State Bank has participated in seminars, workshops, and training courses to exchange, learn, and discuss with experts from international organizations (such as IMF, BIS, WB, etc.), and participated as an Observer of the CBDC mBridge project of 4 central banks (China, Hong Kong, Thailand, United Arab Emirates) as well as studied documents and published reports of central banks and international organizations on CBDC.

Performing the task of being the Standing Agency of the Working Group for Research and Advice on National Digital Currency, in recent times, the State Bank has proactively researched, coordinated with ministries and branches, developed and reported to the Prime Minister on the implementation of the tasks of the Working Group; and issued a Decision on the Plan for implementing the tasks of the Working Group.

The State Bank has also coordinated with ministries, branches, and agencies to research CBDC and report to the Prime Minister on the implementation status of CBDC in other countries.and propose to assign a focal unit to conduct research. Currently, the State Bank continues to follow the instructions of the Deputy Prime Minister, report and coordinate with relevant units to propose related contents.

Regarding the task related to strengthening inspection, examination, detection and strict handling of organizations and individuals establishing foreign exchange (Forex) trading floors in violation of the law (Resolution No. 173/2024/QH15), the Governor said that Forex trading floor activities are not within the scope of permitted foreign exchange activities in the field of foreign exchange management, therefore, up to now, the State Bank has not licensed any Forex floors in Vietnam.

Payment and remittance abroad (if any) for Forex transactions are not permitted transactions according to current regulations on foreign exchange management.

Illegal Forex trading activities are carried out in cyberspace, so to detect, prevent and handle this activity, it is necessary to have timely coordination and handling by competent authorities such as the Ministry of Culture, Sports and Tourism (performing the information and communication function), the Ministry of Public Security , the Ministry of Industry and Trade, etc.

In recent times, in order to serve the verification and investigation of fraud and property appropriation cases related to the activities of Forex floors in cyberspace, the State Bank has provided information on the current legal framework on foreign exchange management to the Ministry of Public Security and the Investigation Police Agencies of provinces and cities.

At the same time, the State Bank also sent a document to the Ministry of Information and Communications (formerly) requesting measures to manage Forex trading floors in cyberspace. In addition, the State Bank has proactively directed credit institutions to implement measures to prevent and stop the exploitation of illegal transactions, including payments for Forex trading floor operations.

Source: https://baodautu.vn/ngan-hang-nha-nuoc-dang-nghien-cuu-tien-ky-thuat-so-cbdc-khong-cap-phep-cho-bat-ky-san-forex-nao-d276785.html