Vietnamese Prime Minister Nguyễn Xuân Phúc has recently signed an order that puts cryptocurrency and blockchain among its top-5 priorities. As per the released document, this decision comes as part of prioritizing the “research, development and application to actively participate in the Fourth Industrial Revolution”.
The Blockchain revolution has swept across industries and even government institutions and agencies are looking to implement this technology for a transparent and better administration. However, this is not the first time that Vietnam has set its eyes on crypto.
Since 2018, the Vietnamese Ministry of Finance has initiated several measures to strengthen and manage crypto-related activities within the country. Interestingly, Vietnam has been approaching crypto and blockchain applications in a very different way.
In an attempt of pushing the National Digital Transformation, Vietnam’s Ministry of Information and Communications announced an enterprise blockchain platform akaChain in august 2018. Mr. Nguyen Thanh Hung, Deputy Minister of the Ministry of Information and Communications, said:
“akaChain will help businesses to quicken the process through blockchain-based applications such as eKYC (electronic Know Your Customer), credit scoring, loyalty programs, traceability, etc., which would be very challenging in the absence of technologies.”
A number of cryptocurrency exchanges recently have shown interest in launching stablecoins pegged to Vietnam’s national currency. Last month, crypto exchange VNDC launched the Vietnamese-Dong pegged stablecoin with 100% collateral held by First Digital Trust, a Hong-Kong-based regulated trustee.
The exchange allows its users to redeem this cryptocurrency against fiats from anywhere in the world. Moreover, users can also swap the stablecoin for Dong via the exchange.
On Friday, December 18, crypto exchange Binance also announced its support for Binance Vietnamese Dong [BVND]. this stablecoin is pegged to the Vietnamese Dong in a 1:1 ratio.
Crypto exchange Binance also added the Vietnamese-Dong for P2P trading. Binance founder and CEO Changpeng Zhao said:
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub. We look forward to expanding our services for the local community and supporting the growth of the Vietnamese blockchain ecosystem.”
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