Vietnam becomes a hot spot for cryptocurrency trading

 Within a year, Vietnamese people traded more than $100 billion in cryptocurrencies, ranking second in Southeast Asia.


Nikkei Asia cited a report by Blockchain Chainalysis showing that from July 2021 to June 2022, the Vietnamese market recorded 112.6 billion USD worth of cryptocurrencies traded, ranking second. Meanwhile, ranked number one is Thailand with 135.9 billion USD, while Singapore is third with 100.3 billion USD.

According to experts, Thailand and Vietnam are becoming the leading cryptocurrency exchange centers in the region, beating even the financial center of Singapore. The reason is that the lion island nation is struggling with new laws to control this nascent sector.

Cryptocurrency value traded in Southeast Asian countries from July 2021 to June 2022. Source: Chainalysis
Cryptocurrency value traded in Southeast Asian countries from July 2021 to June 2022. Source: Chainalysis

The data shows that users in Vietnam and Thailand are also particularly interested in NFT assets, especially works of art. Based on the World Bank's clustering list, Chainalysis indicates that people in low-middle-income countries are more accepting of cryptocurrencies. Users also tend to choose Bitcoin and stablecoins over other countries.

Previously, Chainalysis's report on the Global Cryptocurrency Acceptance Index (GCAI) 2022 also showed that Vietnam topped the rankings with a perfect score. This is the second year in a row Vietnam topped the list.

According to Chainalysis, the above figures show the great interest of the Vietnamese market in the field of cryptocurrencies and the high acceptance of people about decentralized digital currency tools, DeFi, P2P. The rankings are based on metrics related to trading volume on centralized exchanges, peer-to-peer (P2P) trading volume, and trading volume on DeFi platforms.

Popular posts from this blog

Bitcoin miners standing in front of a fork in the road

A Healthy US Bitcoin Mining Industry Could Generate Significant Tax Revenue

Cooperation to remove blockchain difficulties in finance - banking