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All Journal Jurnal Cita Hukum
The Giang, Vien
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Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences Other

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National Digital Currency Issuance Under Vietnamese Law The Giang, Vien
Jurnal Cita Hukum Vol. 10 No. 2 (2022)
Publisher : Fakultas Syariah dan Hukum, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/jch.v10i2.24009

Abstract

The article analyzes the current situation and debates about the digital currencies issued by central bank. The results show that only a few countries have issued the central bank digital currencies, the rest of the countries have begun to have institutional orientations for research on issuing and using the central bank digital currency. The strengths that lead to the central bank's choice of research and issuance of digital currency are a high level of security, convenience for money control in circulation, and the stable value guaranteed by the state, thereby contributing to the promotion of non-cash payments. In the context of accelerating the economy digitization, including digital banking, and promoting the cash payments, Vietnam has had an orientation to research mechanisms, policies and laws for the issuance of national digital currency. In order to do this, in addition to reviewing, amending and supplementing the Law on the State Bank of Vietnam related to currency issuance, it is also necessary to prepare fully the technical infrastructure system.
The Government's Intervention in Functioning the Central Bank of the State Bank from the Practices of Vietnamese Law The Giang, Vien
Jurnal Cita Hukum Vol. 11 No. 1 (2023)
Publisher : Fakultas Syariah dan Hukum, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/jch.v11i1.26448

Abstract

This paper aims to clarify the relationship between the organizational model of the Central Bank of Vietnam and the Government. In this model, the Government has many rights to intervene directly in the implementation of the central bank function of the State Bank of Vietnam. Such direct interventions have forced the monetary policy to run or depend on fiscal policy and have been forced to pursue the short-term goals of the Government. The State Bank of Vietnam (SBV) must still supply the Central Government Budget with an amount of money through advance payments to deal with the temporary deficit in the State Budget under the Prime Minister's decision. This made the stability (in the long –term) of monetary value and the sustainable development of the national economy of the central bank become very difficult. The State Bank regularly has to focus a lot of resources on maintaining the stability of the monetary market by resolving the market's hot spots or handling weak credit institutions by administrative interventions...under the Government's requirement that has reduced the independence of the SBV when performing the central bank function.
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