The Vietnamese Blockchain Union Goes Live: Report

The Vietnamese Blockchain union goes live today and will aid the efforts of local projects but also act as a bridge between tech organizations and blockchain technology as we can read more today in our latest blockchain news.

The entity that aims to accelerate the adoption of blockchain and support crypto projects like the Vietnam blockcahin Union, saw the light of day and was launched by the Vietnam Digital Communication Association in Hanoi. Vietnam has been emerging as one of the crypto hubs in Southeast Asia and a recent report reads that the authorities already introduced the Vietnamese Blockchain Union that can connect tech companies with the crypto technology and provides consultancy for people and entities part of the digital asset ecosystem.

The newly formed unit was formed by the Vietnamese Digital Communication Association and its president Nguyen Minh Hong believes that the blockchain technology alogn with AI are key factors in the fourth industrial revolution:

“With the ability to share information and data transparency in real-time, sustainability, and with high security, blockchain has become one of the breakthrough technology trends with wide applicability in many sectors including finance, health, education, intellectual property, logistics, entertainment, and agriculture.”

Addressing the initiative was Dang Minh Tuan who is the chairman of the VBU and in his view, blockchain tech has the ability to turn the country into a highly developed tech country. Apart from the functions, the unit will join forces with ht enation’s authorities to create a comprehensive regulatory network for the local crypto industry.

It is safe to say that blockchain technology and digital assets are increasing in Vietnam and according to the study by Chainalysis, the country ranked first in crypto adoption in 2020. the research included 154 nations as Vietnam’s neighbors such as Thailand and China while the USA held 8^th place.  The Vietnamese Deputy Prime Minister instructed local agencies to impose rules on the domestic market and the entities that were supposed to execute this were the country’s bank and the ministries of Finance.

The regulation will oversee the management of cryptocurrencies by investors and exchanges and will also be formed in accordance with Decision 1255 but the latter is an order issued in 2017 by Vietnam’s Prime Minister who urged the implementation of rules in the world of crypto.