State Bank is researching CBDC digital currency, preventing payments to Forex floors

The State Bank is researching digital currency DCBC.

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 in recent times it has researched and consulted the experience of researching and implementing digital currency projects of central banks around the world .

Accordingly, 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.); N has studied documents and published reports of central banks and international organizations on CBDC. At the same time, it has participated as an Observer of the CBDC mBridge project of 4 central banks: China, Hong Kong, Thailand, and the United Arab Emirates.

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 and coordinated with ministries and branches to develop and report 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 coordinated with ministries, branches and agencies to research CBDC and report to the Prime Minister on the implementation of CBDC in other countries. and propose to assign a focal unit to conduct research. Currently, the State Bank is continuing to follow the Deputy Prime Minister's instructions, reporting and coordinating with relevant units to propose relevant contents.

Regarding the inspection, detection and handling of organizations and individuals who establish foreign exchange (Forex) trading floors in violation of the law according to Resolution No. 173/2024/QH15 of the National Assembly, the State Bank affirmed that Forex trading floor activities are not within the scope of permitted foreign exchange activities in the field of foreign exchange management, therefore, to date, the State Bank has not licensed any Forex trading floor in Vietnam. Therefore, payment and remittance abroad (if any) for Forex trading floor 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 these activities, 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...

In recent times, in order to serve the verification and investigation of fraud and property appropriation cases related to the activities of Forex trading 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 Police Investigation Agencies of provinces and cities. At the same time, the State Bank has 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 take measures to prevent and stop the exploitation of illegal transactions, including payments for Forex floor operations.

Source: https://baodautu.vn/ngan-hang-nha-nuoc-dang-nghien-cuu-tien-ky-thuat-so-cbdc-ngan-chan-thanh-toan-cho-cac-san-forex-d410949.html