Vietnam has a huge user base of cryptocurrencies and many use them as a powerful investment tool. As the government lacks a regulatory framework, the crypto’s stand is vague but the government is too very passionate to bring them under a regulatory umbrella.
This Article feeds you with
- Vietnam Government and Cryptocurrency in brief
- The Hurdles faced in operating Cryptocurrencies
- Paxful and Infinito come together
- Exchanges in Vietnam
- Wrapping it up!!
Vietnam’s views on Crypto are as of India.
Vietnam has seen exciting new development in the crypto space over the past several years. It’s legal to hold and trade cryptocurrencies but it’s completely illegal using them as a payment tool.
The government is on the stroke of setting a regulatory framework for Cryptocurrency transactions, in line with the same the cryptocurrencies are not banned yet.
In 2018, the Ministry of Justice accessed the crypto environment in the country and reviewed the existing regulatory approach to cryptocurrencies all over the world.
The ministry proposed the possible regulatory framework in 2019. The Prime Minister later approved to form a regulatory framework to manage cryptocurrencies which are expected to be completed by 2020.
Vietnam breaks many hurdles to come so far.
- As the cryptocurrencies are not recognized as legal tenders, many notorious scams and Ponzi schemes have made their way in Vietnam. And hence the State Bank of Vietnam has stopped providing financial service dealing cryptocurrencies as per the directive of Prime Minister Nguyen Xuan Phuc.
- The Scams and Ponzi schemes have also resulted in a loss for the investors and initiated investigations on the ICO’s by the government authorities.
- The unclear position on the regulations or the tax policies or laws leads to greater uncertainty over the investors. In a certain case, the tax authorities also lost a lawsuit against a citizen for being taxed for cryptocurrency profits. As per the court, if cryptocurrencies are not considered as legal tenders under Vietnamese law then they have no authority to tax.
- One of the biggest hurdles is the absence of local language on the exchanges. The exchanges do not offer the Vietnamese language which could prevent many users from being interacted with on the exchange.
Paxful and Infinito come Together!!
Infinito, a multi-crypto wallet has joined hands with Paxful, a peer-to-peer Bitcoin marketplace to provide the wallet users a safe and P2P way of buying Bitcoin without any fees.
They offer more than 160 fiat currencies including USD, VND, GBP, CNY, CAD, etc and over 300 payment methods to purchase Bitcoin. The partnership is believed to provide financial inclusion around the globe.
Why did they sign up for this Partnership in Vietnam?
Vietnam is a highly potential market with a huge Bitcoin community of 6 million people and still counting. The two platforms are working on ‘crypto investment competition’ for new customers who can go on a trial before doing an actual investment.
The first quarter Q1 of 2020 witnessed a 43% surge in new user signups on Paxful compared to Q4 in 2019, with a massive 262% increase in the trading volume. The seller volume too plunged by 69% while the volume of buyers rose by more than 115% on the platform.
Similarly Infinito reported a massive 710% increase in buying amount from January to February 2020 only in Vietnam. The statistics clearly show the popularity of both platforms in the country.
Paxful is a leading peer-to-peer Bitcoin Marketplace founded in 2015 headquartered in the US, dealing with buying and selling of Bitcoin only, accepting over 300 payment methods like credit cards, Paypal, Amazon Gift cards, wire transfers, and Western Union.
Infinito is a multi-asset utility wallet available as a mobile wallet both on the android and IOS platforms. It offers a long list of supported cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, GAS, Dash, Dogecoin, etc.
Infinito provides the best security features like touch Id, other features include Contacts Management, Price Management, Multi-Language support, transaction history, QR code scanner, and virtual portfolio.
A detailed description of the wallet and the cryptocurrency it supports can be viewed HERE.
Exchanges in Vietnam
The popular exchanges in Vietnam currently operating are:
Wrapping it up!
Vietnam is one of the most prominent marketplaces for cryptocurrencies. More and more people are adding up to the P2P marketplace of Bitcoin, which shows the healthy future of the cryptocurrencies in Vietnam. People show positive sentiments on adopting bitcoin and blockchain in more effective ways.
Regulations might also hit up soon, as the authorities seem to be working on this , and soon new Cryptocurrency players may enter the Vietnam market to add in leading Cryptocurrency nations.
The partnership of Paxful and Infinito is believed to provide a safe, secure, and user-friendly marketplace for newcomers and existing ones to buy and hold cryptocurrencies without any hassle.