The Vietnam Blockchain Association has entered into strategic cooperation with the leading cryptocurrency exchange Binance for the growth of the nascent blockchain technology.
Vietnam, the land of the “Ascending Dragon,” has been an excellent market for promoting and applying blockchain technology. The country has been showing a keen interest in motivating research and development in this technological domain.
Earlier this month, both the entities announced their cooperation in the exchange of research/application of Blockchain Technology and Human Resource Training in Vietnam to promote the development of blockchain technology in the country and build a bridge with other significant technology corporations worldwide.
A Game-changing Partnership
The recent announcement has created ripples in the blockchain sector. After all, Binance is unarguably the world’s largest blockchain development technology corporation. This specific strategic partnership will be key to the growth and development of blockchain technology in Vietnam in the near future.
In the recent past, we have seen countries increasingly revising their jurisdictions to welcome cryptocurrency. Digital asset adoption is a reality that can’t be averted. Some countries are indecisive in legalizing it, but overall, there are increasing cases of adoption. Vietnam has been leading in this regard, opening to the limitless and robust crypto sector, bringing a host of possibilities.
“I think that clear and effective regulation is essential for blockchain to be applied in every corner of life, not just cryptocurrencies, DeFi, or NFT,” said CZ (Changpeng Zhao), CEO, and founder of Binance in a conversation with Huy Nguyen, co-founder of KardiaChain
The exchange is currently licensed to operate in Italy, France, Dubai, Abu Dhabi, and Bahrain.
CZ further ensured that Binance will always comply with the local laws in Vietnam as well and put users in focus which will help “Vietnamese users in particular and users worldwide believe that Binance’s platform is one of the most secure and reliable in the world.”
Blockchain technology can actually help bring the fourth industrial revolution to Vietnam. Mr. Ngo Duc Thang, Director of the Government Cipher Committee, has been very particular regarding the development of the crypto sector and has thus signed this strategic partnership.
“In the coming time, the Government will continue to facilitate, encourage and promote early businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay,” said Duc Thang.
When it comes to employment generation, the crypto sector can be decisive, creating around 40 million jobs by 2030 around the world. It is also anticipated that 10-20% of the global infrastructure will ultimately rely on Blockchain Technology.
In the coming years, Vietnamese people will witness digital transactions through Blockchain promoted in many fields, including banking services, industrial production, energy, agriculture, healthcare, retail, and consumption. Overall, the entire public sector is expected to benefit from the direct applications of Blockchain Technology and drastically change many aspects of daily life and global business.
Promoting Blockchain Application
The Vietnam Blockchain Union was officially established a few months back under the Vietnam Digital Communication Association. Primarily, the sole purpose was to connect the Blockchain community in Vietnam and also assist in policy development issues and hand-holding in legal corridors.
It is the first legal entity to represent blockchain researchers, business owners, and consultants in the country.
At its Inaugural Ceremony in May 2022, the Association announced a series of Action Programs to promote blockchain technology’s application in a digital economy and leverage Vietnam’s position on the global technology map.
Its mission is to share insights and resources for in-depth research and application of Blockchain, develop products and services, conduct business in compliance with Vietnamese law, and attract investment to blockchain industry activities.
“Hopefully, the Association will utilize its resources for technology and science projects in blockchain so Vietnam can create outstanding products, become an active player in the global blockchain market, and nurture the industry talents for the future,” said Nguyen Van Tung – Deputy Minister of the Ministry of Science and Technology at the ceremony.
There is no denying the fact that the future of digital communication will include Metaverse, Web 3.0, Artificial Intelligence, and Blockchain. The formation of the Blockchain Union has highlighted the motive of the Vietnamese Government to explore the usage of Blockchain in work processes, increasing productivity and promoting growth all along.
Various Vietnamese institutions are currently engaged in research and application of Blockchain in technology products and services. KardiaChain’s co-founders -Huy Nguyen and Tri Pham (also founder of Iron Sail), both hold positions in the VBA and are looking forward to connecting more organizations and individuals to the digital economy.
Binance Will Play a Pivotal Role
In this strategic partnership, the role of Binance is going to be pivotal. In no time, Binance has become the largest online exchange in the world in terms of the daily trading volume of cryptocurrencies. Binance also provides supporting services for users to earn interest and transact using cryptocurrencies.
Binance has multifaceted utilities. Binance Info, Binance Chain, Trust Wallet, Binance Research, Binance Academy, and Binance Launchpad are some of the exclusive branches it provides to crypto users and enthusiasts. It focuses on increasing the freedom of money globally. With such a rich core team and technical expertise, Binance has been a perfect fit for Vietnam, leading the country with a new vision and motivation in the crypto sector.
At present, every year, crypto users are growing at a rate of over 100%. This is much higher and way ahead of the adoption rate that the world of the internet witnessed in the 1990s and early 2000s. Even if this rate of cryptocurrency adoption slows down to 80%, cryptocurrency will still hit 1-billion users by 2024. Overall, Vietnam is indeed on the right track, leading other countries in the crypto world.
In this fast-paced growth, the Vietnam Blockchain Association will play an important role too. The Association is promoting personnel training and attracting international investment into Vietnam.
“In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam,” said Phan Duc Trung, the Vice President of Vietnam Blockchain Association.
Image by Gerd Altmann from Pixabay