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The relevance of cryptocurrencies for Vietnam in 2023

by Asia Insider

The attitude towards cryptocurrencies has changed quite a lot in the Asian region recently. Previously, the inhabitants of this region, in particular Vietnam, looked at cryptocurrencies solely as a way to exchange financial transactions among geeks or criminals.

At the same time, investing in cryptocurrencies is one of the main factors in the fight against inflation of the national currency, being one of the few ways to combat this negative factor. Moreover, investing in cryptocurrencies is currently the most profitable, unless you have a huge amount of financial resources to invest in stocks more safely.

Researchers from Chainalysis have shown that Vietnam is currently one of the most promising countries with the highest adoption rate of cryptocurrencies and decentralized applications. About 30% of blockchain projects or decentralized financial applications were developed in Vietnam and continue to be released there today.

The unstoppable rise of the cryptocurrency trend

Here, we will take a look at the reasons for the growth of cryptocurrency in Vietnam. It’s interesting enough to read because Vietnam is one of the few countries with a particular political system and particular problems that have plagued them over the years. For the most part, these issues affect both the financial side and the entertainment side. We will cover all these factors together.

Opportunity to gamble

The ability to gamble is a rather heavy topic to discuss when it comes to the Vietnamese government. There is no direct ban on this activity, but you are unlikely to find a good casino in this country. For this reason, most Vietnamese spend their time playing bitcoin live casino to have fun with modern slots and technology and make some money.  All transactions are secure and transparent, as well as instant, which is a significant reason to avoid traditional and land-based casinos in this country. All the security of gaming sessions is ensured by random number generators that work on the blockchain, whose security you can see from the research of various researchers on the security of gambling establishments.

Bank charges and quality of service

In Vietnam, a rather big problem is working with banks, which are overwhelmingly state-owned. If you are not in Vietnam and want to send money to your friends or relatives, then you will need to go through several circles of bureaucracy and additional taxation. Moreover, almost every transaction is considered individually by bank employees, which further creates discomfort when transferring funds and increases the transaction processing time. There is no good quality, no confidence, and no convenience. High taxes are the main reason why the Vietnamese are currently moving to the side of blockchain and cryptocurrencies.  It is through cryptocurrency that the Vietnamese send funds in a matter of seconds without any significant commissions. All taxes go exclusively to maintain the decentralized system and do not fall into anyone’s hands. Later, these funds can be converted into real money and used in Vietnam.

Government approval

There was a time when the Vietnamese government tried to fight cryptocurrencies, and in 2018, they even issued a decree banning this financial system. In any case, in modern times, this decree has lost its force, and we can observe the encouragement of the government to use these methods for transferring and paying for services. The banking system of Vietnam is currently trying to rebuild its work at least a little on blockchain technology, which is why cryptocurrencies are currently becoming more and more relevant for the inhabitants of this country. At the same time, it is a completely legal method for working with finances.

Economic instability

Vietnam is a country that constantly faces various financial problems due to political reasons. Various kinds of wars, which used to be serious threats to the integrity and stability of the country, still affect the economy with echoes of the past. The coronavirus pandemic has also significantly worsened the economic situation in the country, raising prices and lowering real wages. The general economic crisis after the pandemic also crippled the state of the country’s economy as a whole, which significantly influenced the residents. The only option available was investing in cryptocurrencies, which the smarter residents have been doing for several years. Thus, you can stop not only the destructive effect of inflation, but also earn extra money.

Source: Vietnam Insider

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