Emerging economies like Vietnam, India and Indonesia are leading the charge when it comes to cryptocurrency adoption, underscoring important use cases for digital assets tied to remittances and financial inclusion. Finder’s survey of 42,000 people across 27 countries revealed that Vietnam had the highest adoption rate, with 41% of respondents claiming they had purchased cryptocurrency. Twenty percent of Vietnamese said they had purchased Bitcoin (BTC), which was the highest among all countries polled. Although Vietnam’s strong outperformance may appear surprising at the surface, Finder’s survey corroborated other data showing that the southeast Asian country is punching above its weight when …

The State Bank of Vietnam is reportedly set to become the latest central bank to delve into explorations of the feasibility and operationality of central bank digital currencies (CBDCs). Its brief, distinct from other countries, is looking to trial a digital currency that would be expressly built on blockchain technology, rather than a centralized protocol. According to a July 3 report from the English-language daily Viet Nam News, Prime Minister Phạm Minh Chính announced the initiative as part of his wider e-government development strategy. The central bank is expected to work on the development and implementation of the pilot from …

Emerging markets appear to be punching above their weight when it comes to Bitcoin (BTC) investment, offering further evidence of growing worldwide adoption, according to a new report from cryptocurrency analytics firm Chainalysis. A geographic analysis of realized Bitcoin gains revealed that investors in the United States generated $4.1 billion in returns last year, which is more than three times higher than second-ranked China, Chainalysis said. Although economic stalwarts such as Japan, the United Kingdom and Germany were near the top of the list, several countries are investing a lot more in Bitcoin relative to traditional economic metrics like gross …

Disclaimer: This article has been updated to include comments from the Pi Network, which claims that no Vietnamese identity cards were held on its servers. Pi Network, a cryptocurrency mining app for mobile users, may have been connected to 17GB worth of personal data leaks, a Vietnamese news outlet reported on Monday. The treasure trove of personal data was apparently taken from the Know Your Customer checks of users of Pi Network, according to the person who posted it to hacker hangout RaidForums on Thursday. The identity cards of an estimated 10,000 Vietnamese citizens were placed for sale, along with …

Alameda Research has expanded its investment portfolio by allocating $4 million to Coin98 Finance, an up-and-coming decentralized finance platform from Vietnam, according to Chinese fintech outlet ChainNews. Coin98 Ventures, the venture capital firm behind Coin98, reportedly operates the biggest cryptocurrency fund in Vietnam and is also a key backer of the Solana Ecosystem Fund, which recently raised $40 million in strategic investments from major digital currency exchanges. As ChainNews notes, Coin98 operates a decentralized exchange and wallet, with transaction volumes totaling $20 million in March. The exchange boasts of roughly 200,000 users, mainly in Southeast Asia. Alameda Research is a …

Vietnamese financial authorities have warned the public about the risks of cryptocurrency investment, as the industry is not regulated in Vietnam, local news agency Thanh Nien reported Wednesday. The Ministry of Finance of Vietnam stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.” The ministry stated that digital currencies are not part of Vietnamese securities laws and that there are only two exchanges, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, that are allowed to trade securities in Vietnam. To address this gap, the ministry has established a …

Data published by statistics firm Statista has revealed Nigeria is the leading country per capita for Bitcoin and cryptocurrency adoption, with nearly one in three survey respondents indicating they used or owned crypto assets in 2020. According to the survey, the pre-existing prevalence of mobile phone based peer-to-peer payments has led many Nigerians to explore cryptocurrency. Statista noted that many Nigeria responded they had recently installed crypto payment applications on their devices. The findings also note that many Nigerians are exploring crypto assets for international remittances. Adoption in the country shows no signs of slowing, with demand for crypto assets …

Major Vietnamese bank HDBank has now become the first bank in the country to issue letters of credit, or L/C, using blockchain technology. According to a Wednesday report by local media outlet Viet Nam News, the issuance, document presentation and successful payment of L/C on the blockchain marks a major milestone toward HDBank’s stated goal to become a “happy digital bank.” The participants in the first transaction were a local fiber importer and a Taiwanese yarn manufacturer, along with the L/C advising bank in Taiwan. Letters of credit are important documents in international trade, providing a guarantee from a creditworthy …

A subsidiary of global conglomerate LG will participate in the mainnet launch of a Vietnamese hybrid blockchain project, KardiaChain. LG CNS, an IT and consulting subsidiary of LG Corporation, has partnered with KardiaChain to act as a validator for its upcoming mainnet launching in late December. According to a Dec. 17 announcement, LG CNS will be validating KardiaChain mainnet alongside major Vietnamese companies like multinational conglomerate Geleximco, global tech business HPT Vietnam and taxi business Mai Linh Group. As part of the partnership, KardiaChain will also work with LG CNS to combine their blockchain with LG CNS’s own blockchain protocol …

Vietnam’s Ministry of Education and Training, or MOET, is planning to implement blockchain technology for issuing diplomas in 2021. According to a Nov. 18 announcement, the ministry has partnered with Singapore-based startup TomoChain to put national student certifications on TomoChain’s proprietary blockchain platform. As part of the “National Qualifications Archive” project, the MOET plans to issue all types of diplomas granted by its high school and higher education training units on the blockchain. The new system will reportedly come into effect during the school year ending in 2021. According to the announcement, Vietnam’s new blockchain-based certification system is designed to …

Recent data published by Chainalysis revealed a surprising first place for Ukraine in the Global Crypto Adoption Index 2020, followed by Russia and Venezuela. The index looks at three on-chain metrics: the total value of on-chain crypto transactions weighted by purchasing power per capita, or PPP, the value of on-chain retail transfers weighted by PPP, and the number of on-chain crypto deposits weighted by the number of internet users. The index also factors in the volume of trades made on peer-to-peer crypto exchanges weighted by both the number of internet users and PPP. The report shows uneven levels of development …

The former deputy head of Vietnam’s Criminal Police Department, Vu Hoang Kien, has stated that campaigns to raise money for cryptocurrency businesses are illegal in the country. Kien warned Vietnamese citizens to stay vigilant and not be lured in by any form of cryptocurrency investment schemes, no matter how high the returns. Apart from the risk of investing in such schemes, he further emphasized that cryptocurrency investments and payments made using virtual currencies are not legally recognized in the country. Hence, investing in cryptos or using them will also mean breaking Vietnamese laws. Despite warnings, crypto investments have continued within …