cryptoknowmics.com
The Vietnam Blockchain Association has teamed with Binance, the world's largest cryptocurrency exchange, to promote blockchain technology development in the Asian country. The two parties will also form alliances with other tech firms worldwide.
Vietnam - A Welcoming Home For Cryptocurrency Industry
The cryptocurrency industry has found a welcoming home in Vietnam in recent years, with the country ranking first in digital asset adoption in 2020. Mr. Ngo Duc Thang, Director of the Government Cipher Committee, signed a directive aimed at the sector's development the same year. He also asserted that blockchain technology is one of the Fourth Industrial Revolution's essential aspects. Thang said,
"In the coming time, the government will continue to facilitate, encourage and promote early businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay. It is expected that by 2030, blockchain will create 40 million jobs, and 10% – 20% of the global economic infrastructure will run on Blockchain technology systems,"
According to a recent statement, the country doubled down on its efforts in the industry as the local decentralized application ecosystem – the Vietnam Blockchain Association – linked hands with Binance. Mr. Phan Duc Thung, the former's Vice President, expressed optimism that the collaboration will build a link between crypto's backbone technology and the local commercial industry and IT corporations:
"We believe that this is one of the proper steps, following the direction of the Vietnamese government towards a digital government, a digital economy, bringing sustainable growth values for a prosperous Vietnam."
Binance's CEO, Changpeng Zhao, stated that his company will abide by domestic regulations and demonstrate to Vietnamese authorities that the platform is "safe and reliable."
Vietnam's Blockchain Union
The Vietnam Blockchain Union was established earlier this year by the Vietnam Digital Communications Association (VDCA) (VBU). Its primary purpose is to encourage blockchain technology adoption throughout Asia and promote cryptocurrency startups. In addition, the group will collaborate with Vietnamese legislators to develop an acceptable regulatory framework for the country's digital asset ecosystem.