Vietnam Blockchain Association ushers in a new era in Blockchain technology

by Arthur · July 7, 2022

The Vietnam Blockchain Association has entered into a strategic partnership with the leading cryptocurrency exchange Binance for the growth of the emerging blockchain technology.

Vietnam, the land of “Ascending Dragon”, has been an excellent market for promoting and using blockchain technology. The country has shown great interest in motivating research and development in this technological domain.

Earlier this month, both entities announced their collaboration on 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 major technology companies around the world.

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A partnership that changes the game

The recent announcement has created ripples in the blockchain sector. After all, Binance is without a doubt the world’s largest blockchain development technology company. This specific strategic partnership will be the key to the growth and development of blockchain technology in Vietnam in the near future.

In recent times, we have seen countries increasingly revise their jurisdictions to welcome cryptocurrency. Adoption of digital assets is a reality that can not be averted. Some countries are indecisive in legalizing it, but overall there are increasing cases of adoption. Vietnam has been a leader in this regard, opened up to the borderless and robust crypto sector, and has provided a number of opportunities.

“I believe that clear and effective regulation is essential for blockchain to be used in all corners of life, not just cryptocurrencies, DeFi or NFT,” said CZ (Changpeng Zhao), CEO and founder of Binance in an interview 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 local laws in Vietnam as well and put users in focus that will help “especially Vietnamese users and users around the world to believe that Binance’s platform is one of the most secure and reliable in the world.”

Digital transformation

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 careful with 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-stage businesses to proactively accelerate the digital transformation process where blockchain technology is the mainstay,” said Duc Thang.

When it comes to employment, the crypto sector can be crucial, creating around 40 million jobs by 2030 around the world. It is also expected that 10-20% of the global infrastructure will eventually rely on Blockchain technology.

In the coming years, Vietnamese will witness digital transactions through Blockchain promoted in many fields, including banking, 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.

Blockchain application marketing

Vietnam Blockchain Union was officially established a few months ago under the Vietnam Digital Communication Association. Primarily, the sole purpose was to connect the Blockchain community in Vietnam and also assist in political development issues and handles in legal corridors.

It is the first legal entity to represent blockchain researchers, business owners and consultants in the country.

At its opening ceremony in May 2022, the association announced a series of action programs to promote the use of blockchain technology 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 accordance with Vietnamese law, and attract investment in blockchain industry activities.

“Hopefully, the association will use its resources for blockchain technology and science projects, so that Vietnam can create outstanding products, become an active player in the global blockchain market and nurture industrial talents for the future,” said Nguyen Van Tung – Deputy Minister of Science and Technology. the ceremony.

There is no denying that the future of digital communications 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 use of Blockchain in work processes, increase productivity and promote growth all the time.

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 founders of Iron Sail), both hold positions in the VBA and look forward to connecting more organizations and individuals to the digital economy.

Binance will play a key role

In this strategic partnership, Binance’s role will be central. In a short time, Binance has become the largest online exchange in the world in terms of the daily trading volume of cryptocurrencies. Binance also offers support services for users to earn interest and perform transactions using cryptocurrencies.

Binance has multifaceted tools. 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 suited Vietnam perfectly, leading the country with a new vision and motivation in the crypto sector.

Currently, every year, cryptocurrencies are growing at a rate of over 100%. This is much higher and far ahead of the adoption rate that the internet world witnessed in the 1990s and early 2000s. Although this rate of cryptocurrency adoption is declining to 80%, cryptocurrency will still reach 1 billion users by 2024. Overall, Vietnam is actually on the right track, leading other countries in the cryptocurrency world.

The Vietnam Blockchain Association will also play an important role in this rapid growth. The association promotes staff training and attracts international investment in Vietnam.

“In its role, the association connects and brings together 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, vice president of the Vietnam Blockchain Association.