Vietnam Eyes Expanding Digital Economy As Binance Launches Peer-to-Peer Trading for Its National Currency
Leading cryptocurrency exchange Binance is launching peer-to-peer trading for the Vietnamese dong (VND) as the Southeast Asian country emerges as a global player in the digital economy.
Binance users from Vietnam can now buy and sell Bitcoin, Ethereum, Tether and Binance Coin using VND. Binance CEO Changpeng Zhao says,
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape and wide cryptocurrency acceptance, making it the next global blockchain hub.”
According to a 2019 report published by Australia’s national science agency and Vietnam’s Ministry of Science and Technology, entitled Vietnam’s Future Digital Economy Towards 2030 and 2045, various trends are impacting the development of the country’s digital economy.
“Vietnam is a rising star in the global fintech industry. The number of incubators, accelerators and innovation labs in Vietnam is 42 – above Indonesia (20), Malaysia (10) and Thailand (5) and only below Singapore (52). In 2017, Vietnam had 48 fintech firms providing services from payment to remittances and cryptocurrency.”
The report also notes how the country has grown rapidly over the last four decades and is leveraging powerful digital tools including blockchain, AI and the Internet of Things.
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