17% Vietnam’s population holding cryptocurrencies: Report
A report confirmed that 16.6 million people from Vietnam are in the crypto vehicle.
Crypto adoption is surging rapidly in the world and people in developing countries are more inclined to this sector over the developed countries. Here we can take the example of the US & India. India is standing at the top, in terms of the total number of people holding cryptocurrencies, while the net investment amount in the crypto sector by the US is the highest in the world. Vietnam is also one of the fastest-developing countries in the world.
Recently a local Vietnamese news media reported that 16.6 million citizens in Vietnam are holding crypto assets. 31% of 16.6 million citizens believe in Bitcoin as the best crypto investment asset.
In the Association of Southeast Asian Nations (ASEAN), Vietnam is standing at second rank in terms of population holding crypto assets, just after Thailand.
Interestingly, the report noted that Vietnam is home to multiple crypto projects related to GameFi (Game Finance), NFTs, or Web3.
The research noted seven out of the Top 200 top crypto projects were founded by Vietnamese, including Axie Infinity, Coin98, and Kyber Network.
In Q4 2022, the Crypto analytic platform Chainalysis also listed Vietnam at the top position in terms of crypto adoption with a score of 1.0.
Crypto adoption after China ban
In the mid of 2021, The People’s Bank of China (PBoC) announced a blanket ban on cryptocurrencies and also strictly ordered all crypto companies to suspend their Crypto services from the mainland of China.
After the China ban, crypto critics were claiming that many other countries will impose a ban on cryptocurrencies but in opposition to the ban, three countries adopted Bitcoin as a legal tender & also used it in the payment system. In short, crypto adoption surged rapidly in the world, after the China crypto ban.
Read also: Balaji Srinivasan believes Bitcoin will touch $1M by 17 June
