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Digitalization Economy News Vietnam

Vietnam Defines E-Money as Digitally Stored Dong

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The Vietnamese government has introduced a degree regulating non-cash payments, effective from the beginning of July 2024.

The new decree defines e-money as the value of Vietnamese Dong (VND) stored digitally, based on the amount of money prepaid by customers to banks, foreign bank branches, and payment intermediary service providers that offer electronic wallet (e-wallet) services.

The Vietnamese government considers e-wallet services as those provided by banks, foreign bank branches, and payment intermediary service providers to their customers, facilitating money deposits, withdrawals, and payment transactions.

According to the new decree, banks, including foreign ones, can issue and provide e-wallets and prepaid cards. The provision, issuance, and usage of e-wallets and prepaid cards must comply with the regulations of the State Bank of Vietnam (SBV).

Vietnam has over 40 e-wallet providers alongside e-payment services from commercial banks, with around 36 million active e-wallets reported by FiinGroup as of April 2024.

The country has not officially allowed nor expressly banned digital currencies and virtual assets.

Read the article by clicking HERE.

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