Bitcoin Vietnam is also involved in cash2vn, a remittance platform for the Vietnamese market and it brought the first Bitcoin ATM into Vietnam in Summer this year.
Vietnam’s proximity to China has been a positive factor on the smaller country whose government recently sought to regulate and legislate Bitcoin and other virtual currencies, according to Dominik Weil of Bitcoin Vietnam.
“In regards to Bitcoin, we definitely see it as a positive factor. China is a global leader in regards to Fintech Innovation and the “little brother” in the South is observing very closely the moves happening in China, which has demonstrated over the last three decades that the change and reform towards a more free-market economy can catapult you to become the global economic powerhouse within just a generation.”
The Vietnam government agencies’ efforts to regulate and legislate Bitcoin and other virtual currencies have been going on since at least 2014, Weil adds, noting that as the first fully registered Bitcoin brokerage service in Vietnam, Bitcoin Vietnam contributed in recent years in some ways to the background work that got Vietnam to its current level of involvement with virtual currencies. One of such is the platform’s direct involvement with relevant agencies and the Bitcoin Saigon community to put together Vietnam’s first international Fintech and Blockchain Conference, BlockFin Asia, in June 2016 which had the State Bank of Vietnam in attendance.
Though Weil believes the move should be applauded and that Vietnam still has a long way to go. He says via email:
“Well, we expect increasing awareness and market growth – and once legislation passed also easier ability to make use of the technology and the benefits it provides in the established corporate and business environment in Vietnam,” Weil says about what would likely happen to Bitcoin in Vietnam in the coming months or a year based on your market outlook. “So far, Bitcoin has been mostly generated interest by computer geeks and other underserved and fringe parts of the population – but the time is ripe now to deploy the underlying technology on a larger scale for the benefit of the competitiveness of the Vietnamese business landscape.”
In a proposal, the Vietnamese authorities revealed that the lack of a legal framework regulating virtual currencies is costing the country some of its needed investments. The latest development is a twist to the view previously held by the Bank of Vietnam in 2014 when it banned Bitcoin use in the country.
Jiang Zhuoer: BTC.Top Will Support the Camp Favored by a Majority of Hash Power in the Bitcoin Cash Hash War
Jiang Zhuo’er and his BTC.TOP , a major Chinese mining pool, will not take side in the upcoming Bitcoin Cash’s hash war between two competing camps, Bitcoin ABC and Bitcoin SV. Zhuo’er shared h
F2Pool Will Support the Mining of BCHABC and BCHSV after Bitcoin Cash Hard Fork
F2Pool, the sixth largest bitcoin mining pool in the world, announced on Tuesday that it will allow miners to mine both coins generated from the upcoming Bitcoin Cash hard fork after the chain split
IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing
A patent application published Thursday claims the process of conducting scientific research can benefit from the blockchain.
Led by a team at IBM's Watson Research Center, the patent application p
CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
According to a press release iss
Japanese Firms Claim Success in Marine Insurance Blockchain Trial
One of Japan's largest insurance companies, Tokio Marine & Nichido Fire Insurance, and IT firm NTT DATA have completed a trial that put the paperwork for marine cargo insurance claims on a blockchain.
Accenture Puts Software License Management on a Blockchain Platform
Global professional services giant Accenture has rolled out a new software license management application built with tech from distributed ledger startup Digital Asset.
Accenture announced in a pre
Singapore's Central Bank, SGX Develop Blockchain Settlement System
The Monetary Authority of Singapore (MAS) and the country's stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains
Colorado Regulators Crack Down on Four More ICOs
Colorado regulators took action against four ICOs Thursday, bringing the state's total number of cease-and-desist orders against crypto startups to 12.
The state's "ICO Task Force" rebuked Bitcoin