The Prime Minister of Vietnam Has Directed the Vietnam Central Bank to Pilot Cryptocurrency Implementation

Bingbon Chart

Source: TradingView& Bingbon

BTC price returned to $33,000-35,000 and has now still been holding its $33,500 support line fairly well. If bitcoin remains stable above the $33,500 support zone, it could start a fresh increase in the near term. Immediate resistance on the upside is near the $35,000 level and the triangle upper trend line. The main resistance is now forming near $35,400, above which the price could revisit the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance. Keep patience, the market still needs more time to adjust.

Today’s Headlines

To establish a more digital economy, the prime minister of Vietnam, Pham Minh Chinh, has commanded the Vietnam central bank to pilot a cryptocurrency program. The program is a major part of the country’s new e-government strategy. Vietnam wants to master core blockchain-based technologies and uses other technologies including artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and big data to promote big breakthroughs. This will create the right conditions for the realization of the vision of digital government. Chinh has directed the state bank to research digital currency and execute the implementation of a blockchain-based currency within the next two years. This makes Vietnam’s State Bank become the first bank of a country to explore the practicability and functions of central Bank Digital currencies (CBDCs).