For the development of blockchain technology, the Vietnam Blockchain Association has partnered with Binance cryptocurrency exchange.
Vietnam, the land of the “Ascending Dragon,” has been an excellent market for promoting and applying blockchain technology. Vietnam has shown a strong interest in promoting research and developing this technology.
The two entities jointly announced this month that they would cooperate in research/application in Blockchain Technology and Human Resource Training in Vietnam. This will promote development and use of Blockchain technology in Vietnam, and to build relationships with significant tech corporations around the world.
The Game-Changing Partnership
This announcement caused ripples within the blockchain industry. After all, Binance is unarguably the world’s largest blockchain development technology corporation. This partnership is crucial to Vietnam’s future growth and development in blockchain technology.
We have seen many countries openly accept cryptocurrency in recent years. Digital asset adoption is a reality that can’t be averted. Although some countries remain indecisive about legalizing digital assets, the overall trend is towards more adoptions. This is a significant step forward by Vietnam, which has opened up to the robust and unlimited crypto market, which opens up a world of opportunities.
“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 current licenses for the exchange are 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.”
Digital Transformation
It is possible for blockchain technology to bring about the fourth industrial revolution in Vietnam. The Director of Government Cipher Committee Mr. Ngo Duc Thang has always been extremely concerned with the advancement of crypto technology and thus has 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.
Crypto sector is a key player in the creation of employment. It has the potential to create around 40,000,000 jobs worldwide by 2030. Blockchain Technology will eventually account for between 10-20% global infrastructure.
The future will see digital transactions via Blockchain in Vietnam. This technology is being used to promote many areas, such as banking, manufacturing, energy and healthcare. All public sectors are expected to reap the benefits of Blockchain Technology’s direct applications. This technology will revolutionize many aspects of our daily lives and help us do business globally.
Blockchain Application Promoting
Vietnam Digital Communication Association established the Vietnam Blockchain Union a few months earlier. It was established primarily to help in the development of policy issues, handholding in legal corridors and connect the Blockchain community.
It’s the nation’s first legal entity that represents blockchain entrepreneurs, researchers and consultants.
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.
The organization’s purpose is to provide information and resources to assist in the in-depth study and application of Blockchain technology, to develop products and services in compliance with Vietnamese laws, and to attract investments 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.
The future of digital communication is certain to include Metaverse and Web 3.0 as well as Artificial Intelligence (Ai), Blockchain, and Metaverse. Vietnam’s Government has made the Blockchain Union a focal point of its desire to use Blockchain in all aspects of work, in order to increase productivity and promote growth.
Many Vietnamese institutions have been involved in the research, development and implementation of Blockchain technology products and service. 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 Rolle
Binance will play a pivotal role in the strategic partnership. Binance is now the biggest online cryptocurrency exchange worldwide in terms daily volume. Binance offers support services to help users earn interest in cryptocurrencies and trade them.
Binance offers many utilities. It offers crypto enthusiasts and users Binance Info as well as Binance Chain and Trust Wallet. The company’s mission is to increase global freedom of money. Binance, with its technical knowledge and rich core, is the perfect choice for Vietnam. Binance will lead the country in the crypto sector and inspire new ideas and enthusiasm.
Crypto users grow at an average rate of more than 100% each year. This adoption rate is far higher than the one that was observed in early 2000s and 1990s. Although the adoption rate for cryptocurrency may slow down to around 80%, by 2024 cryptocurrency will have reached 1 billion users. Vietnam leads the crypto-world and is clearly on the right track.
Vietnam Blockchain Association plays an essential role in the fast-paced world of blockchain technology. This Association promotes personnel training and attracts international investment to 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.
Pixabay Image: Gerd Altmann