Binance Joined Forces With Vietnam Blockchain Association to Boost Crypto Development

The Vietnam Blockchain Association partnered with the world’s largest cryptocurrency exchange – Binance – to boost the development of blockchain technology in the Asian country. The two parties will also establish connections with other tech companies across the globe.

Striking a Deal With Binance

The cryptocurrency industry has found a welcoming location in the face of Vietnam in recent years as the nation ranked first in digital asset adoption in 2020, according to a Chainalysis survey.

In the same year, Mr. Ngo Duc Thang – Director of the Government Cipher Committee – signed a directive focused on the development of the sector. He also claimed that blockchain technology is among the key features of the Fourth Industrial Revolution.

“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. It is expected that by 2030, blockchain will create 40 million jobs, 10% – 20% of the global economic infrastructure will run on Blockchain technology systems,” Thang said.

A recent statement revealed that the country doubled down on its efforts in the field as the local decentralized application ecosystem – the Vietnam Blockchain Association – shook hands with Binance. The former’s Vice President – Mr. Phan Duc Thung – raised hopes that the collaboration will create a bridge between crypto’s backbone technology and the local business industry and tech corporations:

“We believe that this is one of the proper steps, following the direction of the Vietnamese government towards a digital government, a digital economy, bringing sustainable growth values for a prosperous Vietnam.”

For his part, Binance’s CEO – Changpeng Zhao – asserted that his company will comply with domestic laws and prove to the Vietnamese that the platform is “secure and reliable.”

In addition, the cooperation will aim to attract foreign investors and international resources that could be distributed into Vietnam’s fast-growing economy. Personal training and educating people about crypto’s merits will be another target.

The Birth of Vietnam Blockchain Union

Earlier this year, the Vietnam Digital Communications Association (VDCA) launched the Vietnam Blockchain Union (VBU). Its primary goal is to spread the adoption of blockchain technology across the Asian country and support crypto projects.

Furthermore, the organization will work with Vietnam’s lawmakers to design an appropriate regulatory framework for the domestic digital asset ecosystem.

Dang Minh Tuan – Chairman of the VBU – predicted that establishing the union will aid Vietnam’s ambitions of turning into a highly developed tech nation.