Blockchain Union launch in Vietnam

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TL;DR Breakdown

  • The Vietnam Blockchain Union was unveiled yesterday in the country’s capital.
  • The organization is set up to promote the growth of Vietnam’s blockchain community.
  • They will also provide assistance in the development of the country’s legislative framework for the crypto sector.

The Vietnam Blockchain Union(VBU) was unveiled yesterday in Hanoi by the Vietnam Digital Communications Association (VDCA).

The event was attended by representatives of major blockchain and cryptocurrency firms operating in Vietnam and across the world. These included Binance – the world’s biggest crypto exchange platform – EZchain, BHO Network, Ahamove, and so on.

The Vietnam Blockchain Union’s launching ceremony included a seminar on the topic ” Opportunities to develop the National Digital Economy and Powerful Aspiration”. Nguyen Minh Hong, Chairman of the VDCA, delivered a lecture in which he identified blockchain technology as being critical to digital transformation.

Nguyen Minh Hong is also a member of the VBU’s advisory board alongside the incumbent deputy minister of Information, Nguyen Huy Dung, and the administrative head of the Hanoi University of Science and Technology, Huynh Quyet Thang, among others.

At the event also, the inaugural chairman of the VBU, Dang Minh Tuan stated that blockchain was capable of transferring Vietnam into a highly advanced nation in terms of technology. The establishment of an organization like this is considered by many as one crucial step in achieving that goal.

Vietnam Blockchain Union to play vital roles in the crypto space

The association, which was set up on Tuesday, aims to foster the growth of the country’s blockchain community by encouraging discussion among industry professionals on ideas for developing the digital asset market. The Vietnam Blockchain Union will also facilitate networking among companies, individuals, and organizations who are involved in any sector of the crypto space. This includes research, investment, marketing, and so on.

Furthermore, the VBU will serve as an advisory body to the government in the creation of a legislative framework to oversee the country’s booming digital asset industry. Last month, the country’s Ministry of Finance was charged by Prime minister Le Minh Khai to initiate a research project on the establishment of a regulatory framework for the use of digital assets.

While the country doesn’t permit the use of cryptocurrency as a payment medium, its citizens are allowed to own it as a form of investment. Presently, Vietnam has about six million individual investors in cryptocurrency per a report by crypto payment platform, Triple-A. And the Asian country is ranked to be among the countries with the highest rate of crypto adoption in the world.

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