At the recently held Danang Fintech Summit, Mr. Vo Duc Anh - Deputy Director of the Startup Innovation Center under the Department of Science and Technology in Da Nang - revealed that the city is currently receiving several sandbox proposals from technology startups, notably the idea of allowing international tourists to pay using the stablecoin USDT (Tether).
According to the proposal under consideration, international tourists will make payments through digital wallets by scanning QR codes using USDT. Meanwhile, shops and businesses in Vietnam will continue to receive payments in Vietnamese dong (VND). The entire conversion process between USDT and VND will be handled by an intermediary system, ensuring legality and convenience in cross-border transactions.
Currently, this proposal is being evaluated by relevant departments and agencies of Da Nang city. If approved, this could be one of the first pilot models in Vietnam allowing cryptocurrency payments in tourism and international trade, aiming to attract more foreign tourists and enhance digital experience.
Mr. Vo Duc Anh also referenced Resolution 136/2024 of the National Assembly, which grants Da Nang the right to implement a controlled experimental mechanism (sandbox) in the technology field. Notably, the city government has proactively institutionalized this right through a People's Council resolution, creating a specific and transparent legal framework to deploy innovative initiatives.
Currently, the entire process, forms, and procedures for applying the sandbox mechanism in Da Nang have been clearly established. File processing is organized through standard administrative procedures - similar to birth registration or driver's license applications - with an average processing time of around 2.5 months.
