According to reports, the Vietnam Blockchain Union (VBU), an entity that aims to support cryptocurrency projects and accelerate blockchain technology adoption, has seen its day. The Vietnam Digital Communications Association (VDCA), in Hanoi, launched it.
Slowly, Vietnam is becoming one of South-East Asia’s crypto hubs. Recent coverage reports that the Vietnam Blockchain Union (VBU), an organization that links tech companies to crypto’s underlying technology, was established by the authorities. It provides consulting services to individuals and entities that are part of the digital asset eco-system.
Vietnam Digital Communications Association (VDCA) created the new unit. Nguyen Minh Hong, its President, believes that blockchain technology and Artificial Intelligence are key elements in the fourth industrial revolution.
Blockchain is a breakthrough technology trend that allows data to be shared and transparency in real time. It also has high security and sustainability.
Dang Minh Toan, Chairman of VBU, addressed the occasion. He believes that blockchain technology can transform Vietnam into a high-tech country.
The unit will be responsible for all functions and will work with the authorities of the country to create a regulatory network that covers the entire local cryptocurrency industry.
Vietnamese Soil is where Crypto thrives
It’s safe to say that digital assets as well as blockchain technology are growing in Vietnam. Chainalysis conducted a survey to determine which country was the most popular for cryptocurrency adoption in 2020. This research covered 154 countries. Vietnam’s neighbours – Thailand, China and India – were both placed at the 12th place. The USA, the world’s largest economy, was ranked 8th.
Le Minh Khai, Vietnam’s Deputy Prime Minister, instructed local agencies earlier this year to set rules for the country’s crypto market. This was to be done by the central bank of the country and the Ministries of Finance, Justice, Information & Communications. The Ministry of Finance was tasked with leading the project.
The regulation will govern the management of cryptocurrency by exchanges and investors. It will be based on Decision 1255. This is a 2017 order by Vietnam’s Prime Minster, which urged the implementation of rules for crypto.
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