Vietnam ranked in Bitcoin gains Crypto adoption in 27-country analysis

Vietnam ranked in Bitcoin gains Crypto adoption in 27-country analysis

Cryptocurrency News
August 15, 2021 by Delnia
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Emerging economies such as Vietnam, India, and Indonesia are leading cryptocurrency adoption, highlighting critical use cases like remittances and financial inclusion. Vietnam has the most significant rate of cryptocurrency adoption, with 41% of respondents claiming to have purchased bitcoin, according to a Finder study of 42,000 individuals in 27 countries. Twenty percent of Vietnamese people said they had bought Bitcoin (BTC), the highest percentage of any country polled.
Vietnam ranked in Bitcoin gains Crypto adoption in 27-country analysis

Finder.com, a financial product comparison site, has released its most recent cryptocurrency research, which Vietnam ranked in Bitcoin gains. It is examining adoption patterns in 27 countries spanning Europe, Asia, and the Americas.

The findings of Finder’s poll backed with previous evidence indicating Vietnam is outperforming its peers in terms of cryptocurrency usage. Despite having just the 53rd largest economy in terms of gross domestic product, Vietnam placed 13th in realized Bitcoin profits for 2020, according to Antidolos.

Remittance payment may have played a big role in these numbers,” according to the Finder study, “with cryptocurrency providing an option for migrants who wish to send money home and avoid exchange fees.

Adoption was also quite strong in Asia, with 30% of respondents in Indonesia and India claiming to have bought cryptocurrency. In Malaysia, this ratio was 29%, and in the Philippines, it was 28%.

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Adoption rates in the UK and the US

Adoption rates were lowest in the United Kingdom and the United States, with 8% and 9%, respectively, on the other end of the range.

The poll has between 1,160 and 2,511 respondents for each nation represented. According to the research, not all votes were nationally representative due to the various Google infrastructure in each territory.

The research also found significant adoption patterns in several Latin American nations, with 22% of Brazilian respondents claiming to have bought cryptocurrency. Due to rising inflation, tighter capital controls, and a deteriorating fiscal outlook. The digital asset class quickly expands throughout the continent. In the region, at least two crypto-exchange unicorns have arisen. A phrase used to describe companies valued at $1 billion or more. And it also describes Vietnam ranked in Bitcoin gains.

Vietnam’s Prime Minister has asked the State Bank to test a digital currency on the Blockchain

According to Vietnamese news agencies, the country’s prime minister, Phm Minh Chinh, has entrusted the State Bank of Vietnam with researching and piloting a digital currency.

According to reports, the State Bank of Vietnam would be the next central bank to investigate central bank digital currencies’ viability and operational aspects of central bank digital currencies (CBDCs). Unlike that of other countries, its mission is to test a digital currency based only on Blockchain tech 2021 rather than a centralized protocol. Therefore, Vietnam ranked in Bitcoin gains to centralized this technology.

Prime Minister Phm Minh Chinh launched the effort as part of his broader e-government growth plan, according to a July 3 story in the English-language daily Viet Nam News. From 2021 to 2023, the central bank is scheduled to work on the pilot’s development and implementation.

In theory, Vietnamese officials’ support for Blockchain tech news differs from their general opposition to the decentralized currencies popularized the underlying protocols. In 2018, the government outlawed Bitcoin (BTC) as a form of payment, although it still allows individuals and businesses to invest in Cryptocurrency privately.

How Vietnam ranked in Bitcoin gains reduce money laundering?

To reduce money laundering concerns, the prohibition was quickly followed by a directive to credit institutions to limit services given to digital currency-related operations. Despite these efforts, no official regulatory framework for Crypto exchanges operating in the nation has been established.

This aggressive yet off-handed style has begun to alter around spring 2020. In May of that year, the Vietnamese Ministry of Finance decided to form a research committee investigating Cryptocurrencies and digital assets and offering regulatory recommendations. The State Bank is part of a group that also includes the country’s securities regulator. Department of Banking and Financial Institutions, Vietnam Customs General Department, and others.

Vietnam ranked in Bitcoin gains according to unavoidable development of digital money

According to Hunh Phc Nghia. Deputy head of the Institute of Innovation at the University of Economics Ho Chi Minh City (UEH). The State Bank’s recognition of digital currencies would assist speed up the process as the country’s use of cashless payments grows. According to Nghia, “digital money is an unavoidable development”. And also the pilot will aid the government in evaluating the benefits and drawbacks of various systems as well as exploring appropriate management mechanisms.

Another interviewee. Lêt Ch, deputy head of UEH’s Finance Faculty. Highlighted the importance of moving quickly for the country to remain competitive as the momentum behind CBDCs grows.

CBDC issuance, according to Viet Nam News, may be beneficial to smaller nations in a global system dominated by the US dollar. And to a lesser extent. The euro and yen. On the other hand. Ch emphasized possible threats to the country’s financial and monetary stability and also asked for an acceleration of CBDC research and development. A spokesperson from NextTech Collection of Technopreneurs. A group of firms focused on digital commerce across Southeast Asia. Claimed that a formal definition for Cryptocurrencies is required in Vietnam. Also, Vietnam ranked in realized Bitcoin gains to accelerate development.

Vietnamese police authorities warned residents about participating in Crypto investment scams before the government established its study group in May 2020. Given the industry’s still-unregulated state in the nation, Vietnam’s Ministry of Finance issued a public warning in March about the hazards of Cryptocurrency investing.

Vietnam ranked in Bitcoin gains for 200 million investment in a Bitcoin exchange

The firm behind Mercado Bitcoin, 2TM Group, is now worth $2.1 billion. It’s the second Crypto exchange in Latin America to surpass the $1 billion milestones in market capitalization.

SoftBank has invested $200 million in Mercado Bitcoin. A Latin American Cryptocurrency exchange, making it one of the region’s largest Crypto-focused financing rounds. Therefore, Vietnam ranked in Bitcoin gains invest in an exchange.

Mercado Bitcoin, situated in So Paulo, Brazil. They plan to utilize the funds to develop its offerings and invest in new infrastructure. To meet the growing demand for digital assets in the region, according to the exchange. 2TM Group, Mercado Bitcoin’s parent company, is now worth $2.1 billion, making it the continent’s eighth-largest unicorn.

The term “unicorn” is used in the venture capital business to identify privately owned firms worth at least $1 billion.

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References:
https://cointelegraph.com/news/vietnam-leads-crypto-adoption…

https://cointelegraph.com/news/report-vietnam-s-pm-asks-state…
https://cointelegraph.com/news/latin-america-s-mercado-bit.coin…

1 Comment

  • Rozitta

    You cover all countries on Bitcoin and Cryptocurrency. Vietnam ranked in Bitcoin is one of the best blogs I found on Antidolos website.

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