Saigon Investment had a talk with Dr. HO QUOC TUAN, University of Bristol, U.K., to discuss this issue further and asked him as to what Vietnam needs to do to face this new trend. JOURNALIST: - Sir, what do you think about the trend of issuing CBDC in the world, and which direction should Vietnam go in the future? Dr. HO QUOC TUAN - To start with we need to look at why Central Banks must bring in this system. Firstly, Central Banks see the future of the world as a cashless society, and they want to introduce an option for a digital currency. Secondly, by developing CBDC it is a way to create pressure as well as create a payment system with the expectation of reducing financial costs. Thirdly, some countries like China have ambitious plans for their currency to become the world's main dominant reserve currency. If the renminbi doesn't play that role today, they hope pioneering the cryptocurrency will give them this edge. Looking at these options, Vietnam needs a CBDC to solve … [Read more...] about Central Bank Digital Currency necessary for Vietnam
App store payment method declined
Implications of Central Bank Digital Currency in Vietnam
Illustrative photo. More than half of the Central Banks named in the survey are in the development or pilot stage, and about two-thirds of these Central Banks say they would issue a retail CBDC in the short or medium term. Many Central Banks are now developing CBDC ecosystems with the coordination of the private sector and existing payment methods. Central Banks want CBDC Basically, there are two CBDC models, including one tier where the Central Bank not only operates the interbank CBDC system but also provides direct CBDC wallet and account services to the public. At two tier, the Central Bank and private sector intermediaries work together, with 70% of the Central Bank developing the two-tier model because this model ensures the effectiveness of providing services such as customer access, identification process, anti-money laundering, anti-terrorist financing (AML/CFT), and handling retail payments to the private sector. The motivation for CBDC development is also … [Read more...] about Implications of Central Bank Digital Currency in Vietnam
Over 265 cyber attacks per week on Vietnamese systems
On average, there are more than 256 attacks on domestic systems every week.— Photo ictnews.vietnamnet.vn The total number of cyber-attacks causing problems on information systems in Viet Nam was 6,641 in the first six months. On average, there are more than 256 attacks on domestic systems every week. The National Cyber Security Centre (NCSC) said that out of 6,641 cyber attacks, there were 1,696 incidents of phishing attacks, 859 defacement incidents and 4,086 malware attacks. Statistics of the Authority of Information Security (AIS) showed that the total number of cyberattacks causing problems on systems in Viet Nam in the first half of the year decreased by 2.54 per cent compared to the last six months of last year and rose by 127.82 per cent compared to the first six months of last year. On average, information systems in Viet Nam suffered 1,107 incidents of cyber attacks every month in the first six months of the year, a year-on-year growth of 36.5 per cent. The … [Read more...] about Over 265 cyber attacks per week on Vietnamese systems
