The Vietnam Blockchain Association has teamed with Binance, the world’s largest cryptocurrency exchange, to promote blockchain technology development in the Asian country. The two parties will also form alliances with other tech firms worldwide.

According to a Chainalysis report, the cryptocurrency industry has found a welcoming home in Vietnam in recent years, with the country ranking first in digital asset adoption in 2020. Read More

Mr. Ngo Duc Thang, Director of the Government Cipher Committee, signed a directive aimed at the sector’s development the same year. He also asserted that blockchain technology is one of the Fourth Industrial Revolution’s essential aspects.

“In the next months, the government will continue to assist, encourage, and promote early startups to aggressively expedite the digital transformation process, which will be led by blockchain technology,” says Thang.

“By 2030, blockchain will generate 40 million jobs, with 10% to 20% of global economic infrastructure running on Blockchain technology systems.”

The Striking Collaboration

According to a recent statement, the country doubled down on its efforts in the industry as the local decentralized application ecosystem – the Vietnam Blockchain Association – collaborates with Binance.

Phan Duc Thung, the Vice President of the association, expressed optimism that the collaboration will build a link between crypto’s backbone technology and the local commercial industry and IT corporations.

“We feel this is one of the right measures, following the Vietnamese government’s path toward a digital government and a digital economy, providing sustainable growth ideals for a flourishing Vietnam,” Phan said.

Binance’s CEO, Changpeng Zhao, stated that his company will abide by domestic regulations and demonstrate to Vietnamese authorities that the platform is “safe and reliable.”

Blockchain is a new technology for the digital economy, according to Zhao. How countries implement this technology today will have a significant impact on the local economy and the global economy. More and more governments are demonstrating their commitment to grasping and effectively applying blockchain technology to everyday life.

“I believe that clear and effective regulation is critical for blockchain to be used in all aspects of life, not only cryptocurrencies, DeFi, or NFT,” said Zhao.

He also stated that Binance had been licensed to operate in France, Italy, Abu Dhabi, Bahrain, and Dubai. It is clear proof of the company’s ongoing compliance with local rules.

“And today, in conjunction with the Vietnam Blockchain Association’s active efforts, I vow that Binance will always abide by Vietnamese regulations and prioritize users. As a result, Vietnamese users in particular and users throughout the world consider Binance’s platform to be one of the trusted and most reliable in the world,” said the CEO.

Furthermore, the collaboration would strive to attract foreign investors and global resources that can be invested in Vietnam’s rapidly rising economy. Another goal will be to provide personalized education and training on the advantages of cryptocurrency.

More About Vietnam Blockchain Union

The Vietnam Blockchain Union (VBU) was established earlier this year by the Vietnam Digital Communications Association (VDCA). Its main purpose is to encourage blockchain technology adoption throughout Asia and promote cryptocurrency startups.

In addition, the group will collaborate with Vietnamese legislators to develop an acceptable regulatory framework for the country’s digital asset ecosystem.

The VBU’s Chairman, Dang Minh Tuan, believes that forming the organization will help Vietnam become a high-tech nation.

The announcement was made at Vietnam NFT Summit 2022 – The New Era Solution on 4th June in Hanoi, Vietnam. The summit is a part of a series of exchange events for research and application of blockchain technology and HR training in Vietnam and global between Bianca and VBA.

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