Current situation of Cryptocurrency in Viet Nam

03 Feb

Current situation of Cryptocurrency in Viet Nam

Ico, News

Recently, cryptocurrency is going mainstream all over the world. In many countries, the activities related to crypto are going strong. In Vietnam, cryptocurrency is also an interesting issue to investors, there are many investments, transactions activities took place.

undefined

In this article, we will help you understand Crypto market and current status of Crypto in Vietnam.

undefinedcac-loai-tien-thuat-toanundefinedMany difference kinds of cryptocurrencyundefined

What is the cryptocurrency?

undefined

Cryptocurrency is a digital currency that is created by complex encryption algorithms based on open source software. Cryptocurrency is exchanged through internet-connected devices instead of any intermediary.

undefined

Today, thousands of cryptocurrencies are available on the market such as Bitcoin, Ethereum, Ripple, Litecoin,…

undefined

How does Crypto develop in Vietnam?

undefined

Due to the crypto-fever around the world, the increasing number of Vietnamese people have learnt and invested in Crypto. For the same reason, investors or developers can earn profit twice, ten, twenty,.. even a hundred times by investing in cryptocurrency market. Therefore, Crypto is widely spread and massively invested.

undefined

In the form of online trading and electronic exchanges, many Vietnamese people have decided to invest in cryptocurrency.

undefined

In Vietnam, Crypto operates in 3 main methods:

undefinedquan-cafe-thanh-toan-bang-bitcoinundefinedVietnam coffee shops use Bitcoin for paymentundefined

 

undefined

1. Coin Mining:

undefined

Miners use personal computers connected to the global crypto-system to participate in transactions and mine coin from these systems. This is the first activity used by Vietnamese people. However, this activity requires miners to have a very large amount of capital and experience as well as an understanding of cryptocurrency. So the number of miners decreases and there are very few new miners taking part in coin mining.

undefined

2. Investment:

undefined

Investment is for those people who have a large amount of surplus and use it to invest in Crypto market to get interest. Thanks to the fluctuation of the Crypto price, investors can earn interest rate, which depends on the demand for and supply of crypto on the market. However, Crypto community in Vietnam does not encourage investors to invest in this way because investors can’t probably predict Crypto’s price, demand for and supply of Crypto, whether they are up or down. However, in fact, Vietnamese investors are very interested in investing by this method because it saves time and efforts

undefined

3. Transaction:

undefined

Transaction is a method which crypto is used as a mean of payment in transaction for those corporations or websites which accept it. Most of the transactions in Vietnam are conducted in some website related to digital music, game online, and on-trend activities, but mostly are for personal experience. There are many cafes and convenience stores considering Crypto as a mean of payment, particularly in Hanoi, there are some cafes accepting payments by Bitcoin.

undefined

The number of users and investors in Crypto in Vietnam can be up to thousands and the operation of cryptocurrency in Vietnam is not prohibited or any regulations, laws. However, besides its benefits like quick investment and high interest rate, there are still high risks. Many Vietnamese have taken advantages of crypto, made a fake ICO or malicious ICO to deceive and make money from those who are less knowledgeable about the market.

undefinedviet-nam-cam-su-dung-bitcoinundefined

In early January 2018, Vietnam imposed new regulations banning on the use and exchange of cryptocurrency. If caught, they can be criminally penalized according to regulations. Therefore, the activities of crypto transactions in Vietnam didn’t exist anymore.

undefined

However, because this is the investment segment going mainstream on the market, because profit growth speed is both large and fast, the community of Crypto investors continues to engage in transactions at reputable sites, coin mining activities are still large and deep. It can be said that the law and the current situation of the operation of cryptocurrency in Vietnam are needed to evaluate and find out its solutions that are appropriate and applicable to the reality.

Rate this post

0 Comment

Would you like to join the discussion? Feel free to contribute!

Write a Reply or Comment