Vietnamese people 'play coins' several times more than stocks

There are no official calculations yet, but estimates from experts show that the trading volume of cryptocurrency in Vietnam is currently very large, many times larger than the securities industry.

Vietnam's number of users and cryptocurrency transaction volume are among the world's leading.

According to Mr. Nguyen The Vinh, Chairman of the Blockchain Association of Ho Chi Minh City, the transaction volume from Vietnamese people on cryptocurrency exchanges is estimated at 800 billion USD /year. Meanwhile, the above index in the stock market is about 180 billion USD . Thus, the new financial sector is attracting 4.4 times more transactions.

The figure of 800 billion USD in cryptocurrency transactions was calculated by Mr. Vinh based on published reports. In which, the Wall Street Journal said that Vietnamese people are the largest customer group of Binance, contributing 250 billion USD /year. In another report, this platform accounts for about 34% of the global CEX (Centralized Cryptocurrency Exchange) market share. The trading volume on decentralized exchanges (DEX) accounts for about 10%.

Mr. Nguyen The Vinh presented at the seminar on digital economy and digital transformation in Ho Chi Minh City.

“This 800 billion USD is only calculated on applied cryptocurrencies (coins, tokens), not including the NFT market. If combined, the figure could reach 1,000 billion USD ,” Mr. Vinh added. According to him, having a management mechanism soon according to Resolution 57 will create conditions to exploit new technology sectors, promoting the development of Vietnam's digital economy in the coming time.

Reports from cryptocurrency market analysis companies regularly rank Vietnam among countries with high interest and awareness of blockchain. By 2022, it is estimated that more than 16 million Vietnamese people will participate in crypto-asset transactions.

In Vietnam, many companies develop cryptocurrency and blockchain projects that reach the world. In 2021, Sky Mavis successfully developed Axie Infinity, a game that opened the global GameFi trend. Kyber and NinetyEight are also projects that have reached a billion-dollar capitalization.

However, domestic enterprises are also victims of major incidents in the industry. Kyber Network and Sky Mavis were attacked by hackers, stealing huge amounts of money. In particular, the Ronin Bridge breach ranked second in the largest cryptocurrency hacks, causing a loss of 600 million USD .

Regarding the digital economy, a report from Google estimates that Vietnam will reach 36 billion USD by 2024, growing to 90-200 billion USD by 2023. Recognizing the importance of digital transformation, Resolution 57 of the Politburo identifies this as the main driving force in the socio-economic development process. The target is that by 2030, the above sector will account for at least 30% of GDP.

Source: https://znews.vn/nguoi-viet-choi-coin-gap-vai-lan-chung-khoan-post1538064.html