The global rise of cryptocurrency is reshaping financial landscapes, yet some regions, like South Asia, are still adjusting and adapting. In 2024, the revenue of South Asia’s cryptocurrency market soared, reaching an impressive $343.50 million.
Chainalysis’ recent research spotlights Vietnam as the world’s fastest-growing crypto region. Despite legal restrictions on using virtual currency for financial transactions, Vietnam secured the third spot in the 2023 Global Crypto Adoption rankings, capturing attention within the crypto space.
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At the forefront of Vietnam’s crypto wave is Yasin Mobarak, a key figure in the XRP community. His insights, shared on Twitter, help us understand Vietnam’s increasing interest in XRP, the fourth-largest altcoin.
XRP Bulls Well in Position:
Also Read: Asia’s 2023 Digital Asset Revolution: THESE 5 Hubs Are Leading the Way
Vietnam’s Central Bank is actively considering integrating XRP for cross-border payments, both domestically and internationally. This aligns with the region’s rapid adoption of XRP, driven by its promise of faster, more cost-effective, and secure cross-border payment services. Ripple’s recent partnership with TPB Bank, a major player in Vietnam’s banking sector, is set to strengthen the entire XRP ecosystem.
In fact, back in September 2023, SBI Remit, a financial service provider that recently started XRP-based remittance service in the countries like Philippines, Vietnam, and Indonesia. SBI Remit partnered with Ripple and SBI Ripple to launch international payment services, which was confirmed by SBI Holdings CEO and chair Yoshitaka Kitao on X (Twitter).
Despite centralized exchanges dominating in many countries, each region has its unique interests. In the Philippines, a significant 20% of the population engages with crypto sites for gaming and gambling. Conversely, Vietnam and Pakistan stand out for their citizens’ preference for peer-to-peer exchanges, allowing direct trading between individuals rather than through large corporations.
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