Vietnam Becomes Latest Country to Turn to Crypto

[Leviathan.007]

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.
The initiative is part of the Prime Minister's e-government development strategy.
Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.
In May, the Vietnam Ministry of Finance set up a research team tasked with reviewing cryptocurrency regulations.
Earlier in 2017, Vietnam imposed a ban on Bitcoin payments.


Source: https://u.today/vietnam-becomes-latest-country-to-turn-to-crypto

[passwordnow]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

[sapnu]

Vietnam will soon enjoy cryptos wonders and just like El Salvador, it can be one of the countries that open ups bitcoin to the world. It may not be a huge country but a country's decision would make a huge impact on other country's decision making. Let us hope that things would work out well for Vietnam so that we can boast of crypto more in the world and the same way may happen in El Salvador so let us stay tuned and see if it will be a success in the long run.

[Jasper HODL]

There will be more and more countries accepting Bitcoin in the future, which is beyond doubt. Bitcoin is not controlled by individuals, organizations, or nations, and no individual, organization, or nation can destroy it. To be honest, many countries should thank Bitcoin because Bitcoin offers them another possibility such as El Salvador. When the domestic fiat currency loses trust, if there is no Bitcoin, many countries will be forced to use US dollars for daily transactions, which is not good. When the currency of a country is the U.S. dollar, the entire economy of that country will inevitably be affected by the United States. Bitcoin provides them with another option. When the volatility of its fiat is even greater than that of Bitcoin, the disadvantage of Bitcoin as a fiat does not exist.

I originally thought that Bitcoin's bull market is an institutional bull, but now it may be a country bull.

[bryant.coleman]

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed. The Vietnamese government is proposing to create a Central Bank Digital Currency (CBDC), similar to the digital Yuan (e-CNY) of China. It is just a digital version of the national currency (Vietnamese Dong ₫). And actually I am worried that the government's attitude towards proper cryptocurrency may become even more hostile. This is what happened in China, after they listed the CBDC shitcoin. The Chinese government now want to eradicate the competition, by banning BTC.

[Strongkored]

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

[Obito]

This is not Vietnam's first rodeo in cryptocurrency because the developers of Axie Infinity is from that country meaning that they are already on the crypto scene for awhile now although not on a government scale.

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

It won't be big but neighboring countries will soon follow and do what Vietname is currently doing, it's pretty cool that they are some of the first in the South Asia or South East Asia Region that have a government vocal about bitcoin adoption.

[stompix]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it.

There is nothing in that article about bitcoin, there is nothing about adoption there is just a research group exploring the possibility of implementing a CDBC.

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed.

The normal trend, somebody says a thing about cryptos or blockchain immediately everyone assumes a country will start buying bitcoins on kucoin.
Vietnam already has problems with its own currency they want to keep it as evaluated as possible as exports are crucial to their economy adopting a deflationary currency would pose more problems than the zero it would solve.

[ultrloa]

This is not Vietnam's first rodeo in cryptocurrency because the developers of Axie Infinity is from that country meaning that they are already on the crypto scene for awhile now although not on a government scale.

Good news, but it seems that the impact is not as big as when there was news that China banned Bitcoin, it could be because Vietnam is a country with less population than China, hopefully in the future more countries will start to want to learn about cryptocurrency and adopt it.

It won't be big but neighboring countries will soon follow and do what Vietname is currently doing, it's pretty cool that they are some of the first in the South Asia or South East Asia Region that have a government vocal about bitcoin adoption.

I'm not claiming that because of axie infinity they became crypto friendly but maybe most provably  their government see's that there's a big potential that they can earn with it together with their people that's why they choose to became a crypto friendly nation and adopt cryptocurrency on their financial system. I wonder who's next among this since this is another great step towards crypto success so maybe we can see more country announcing its adoption on cryptocurrency.

[Obito]

~snip

I'm not claiming that because of axie infinity they became crypto friendly but maybe most provably  their government see's that there's a big potential that they can earn with it together with their people that's why they choose to became a crypto friendly nation and adopt cryptocurrency on their financial system. I wonder who's next among this since this is another great step towards crypto success so maybe we can see more country announcing its adoption on cryptocurrency.

Yeah probably, Axie Infinity doesn't have anything to do, but I think given the recent rise of users in Axie Infinity, I am sure that it's making headlines in there and pretty sure that the Vietnamese government is surely to notice that there's something about crypto that they are finding the potential in it.

[Poker Player]

When I saw the title, I was sure that this was another piece of fake news. And I was not disappointed. The Vietnamese government is proposing to create a Central Bank Digital Currency (CBDC), similar to the digital Yuan (e-CNY) of China. It is just a digital version of the national currency (Vietnamese Dong ₫). And actually I am worried that the government's attitude towards proper cryptocurrency may become even more hostile. This is what happened in China, after they listed the CBDC shitcoin. The Chinese government now want to eradicate the competition, by banning BTC.

Yeah, I thought the same.

It is in line with other central banks in creating centralized state-owned cryptocurrencies. The same old crap but digital. The only good thing I see in this is that people will not see Bitcoin as weird when they are used to pay with their fiat cryptocurrency.

[cryptomaniac_xxx]

We have to read between the lines here, they are still hostile to crypto as far as I know, what they are proposing is to have their own CBCD - just another digital version. So I won't rejoice, I doubt that Vietnam being a communist and authoritarian regime will suddenly made a U-turn and become crypto friendly that will give their people so much financial freedom. It won't happen.

[Gozie51]

We have to read between the lines here, they are still hostile to crypto as far as I know, what they are proposing is to have their own CBCD - just another digital version. So I won't rejoice, I doubt that Vietnam being a communist and authoritarian regime will suddenly made a U-turn and become crypto friendly that will give their people so much financial freedom. It won't happen.

We are beginning to have this trend of countries trying to have there own CBCN. I think if a country don't realise that cryptocurrency is having a big impact on the currency system, they won't plan for there own. This is saying that it is becoming an obvious treat to countries that want to rush in for there own. South American countries are part of them looking for such rather than full adoption of cryptocurrency.

[davis196]

This is a clickbait article with a misleading title.
The Vietnamese prime minister wants the central bank of Vietnam to launch a blockchain-based cryptocurrency-which means anther central bank digital currency(CBDC).CBDC have nothing to do with crypto.They are just mimicking cryptocurrencies,while staying centralized and fully controlled by the government/central bank.
This doesn't mean that Vietnam is becoming open towards cryptocurrencies or "turning into crypto".
I don't expect Vietnam to become crypto friendly,as long as China remains hostile towards the crypto industry.Those two countries are connected by the same ideology.

[Nunoluck]

This good trend maybe enough to make good sentiments for bitcoin market. I think the next bull run is very soon, the more countries accept cryptocurrency it means that the faster mass adoption is processed. I think it will be good for me to buy more bitcoin if the price go down again. I still think that bitcoin price can go down lower than 30k.

[fiulpro]

Good news, they've banned it once and now they've turned into adopting it. This is why if most countries don't have a taste of bitcoin, they will likely not understand it and end up banning it. But since they've opened the idea of learning about it, here they are, making their own crypto and this is also a signal that bitcoin and other cryptocurrencies are welcome there. And with this news, it's likely that Vietnam can also be one of the crypto havens in Asia. It is going to welcome a lot of crypto startups if they want to have another base somewhere in Asia.

This might be taken as an example for other countries too. As we can see some of the countries are trying to ban cryptocurrencies like bitcoins. But on the other hand we see many countries moving forward to adopting Bitcoins and soon enough there will be a whole other level of economy which might be governed by cryptocurrencies alone. We might be seeing international transactions, import , export, people ditching the middle man and using cryptocurrencies. Who would wanna miss that ?
Considering the age of the guy I think he made a well informed decision. But they should not ban and allow it time and again since that might cause other probelms amongst the society.

This good trend maybe enough to make good sentiments for bitcoin market. I think the next bull run is very soon, the more countries accept cryptocurrency it means that the faster mass adoption is processed. I think it will be good for me to buy more bitcoin if the price go down again. I still think that bitcoin price can go down lower than 30k.

Even if we do not see a bull run , the price might get stabilized which might cause the whole volatility thing to settle down, causing it to grow in a steady fashion. Which might be beneficial either way. But if it goes down to 30k, I think that would be the best opportunity to buy for everyone.

[bryant.coleman]

Yeah, I thought the same.

It is in line with other central banks in creating centralized state-owned cryptocurrencies. The same old crap but digital. The only good thing I see in this is that people will not see Bitcoin as weird when they are used to pay with their fiat cryptocurrency.

The problem is that if the CBDC is there, then the government may not permit proper cryptocurrencies. As I mentioned earlier, China is already moving in this direction. CBDCs doesn't have anything unique about them. They just plagiarize the code from existing cryptocurrencies, and are then incorporated to the fiat currencies. Now the advantage for governments is that they don't have to spend valuable paper and ink to print banknotes. Everything can be done digitally with minimal expenses. This is the ultimate wet dream of every central bank around the world.

[Imran232]

Very very good news. For crypto and vitenam people too. You guys are soo lucky. You know guys what we want from our government. Just they gave us freedom to use crypto in our country. Its quite funny but its true what will we want because our life is in crypto so if we got that freedom so we can change our lifestyle too. Because crypto is a way how a smartphone users also can make millions right or worng? Yes right. God know when we can also can say yes our government also adopting bitcoin as a legal tender. Thank you. By the way congratulations vietnamese.

[dkbit98]

Communist government of Vietnam creating their own centralized fake blockchain currency... what could possible go wrong?! Oh wait, China is doing something like that now.
It's clear why they need to invent a wheel again, when we have proven currency called Bitcoin, but that can't be controlled by anyone including their government.

[Hydrogen]

Yet another CBDC (central bank digital currency)?

Many central banks are announcing plans for future CBDC. Venezuela's CBDC, claimed to be backed by oil, was scheduled to launch years ago.

It seems they're waiting for something before launching in earnest. If they ever plan to.

Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.

Their 3 main goals are

• Big data (surveillance)
• Artificial intelligence (state based centralization and control of inventions and science)
• Augmented reality (virtual reality, this goal is less obvious, perhaps they wish to build the matrix from the Keanu Reeves trilogy)

I guess these topics are supposed to be above everyone's pay grade now. Serious consideration of them is considered outlier behavior and an anomaly. Funny how that works.