Vietnam has created a government organization to support Crypto startups

Vietnam has created a government organization to support Crypto startups

The Vietnam Digital Communications Association (VDCA) announced that the union is to provide advisory services to individuals and companies operating in the cryptocurrency market. VDCA President Nguyen Minh Hong believes that Blockchain and artificial intelligence are key technologies of the fourth industrial revolution:

“With the ability to exchange information and data in real time, sustainability and high security, Blockchain has become one of the breakthrough technological trends with wide application in many fields, including finance, healthcare, education, intellectual property, logistics, entertainment and agriculture”

VBU Chairman Dang Minh Tuan said he believes Blockchain can transform Vietnam into a highly advanced technological country. The new structure will have to join forces with the government to develop regulation of the local crypto industry.

Cryptocurrencies and Blockchain in Vietnam are at a high level of public acceptance. According to a Chainalysis study, the country ranked first in 2020 for the speed of Cryptocurrency adoption. The study included 154 countries, with Vietnam’s neighbors Thailand and China ranked 12th. The world’s leading economy, the U.S., ranked eighth.

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Written by Renat
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