Sharing at the seminar "Digital economy, digital transformation in Ho Chi Minh City: Policies and actions from Resolution 57-NQ/TW of the Politburo ", many experts said that the recognition of crypto assets will be an important driving force to promote new sectors in Vietnam, contributing to the macro economy.
Mr. Nguyen The Vinh, Chairman of Ho Chi Minh City Blockchain Association, shared (Photo: Xuan Tien).
Domestic enterprises have many advantages when they are supported by sanctions, along with a large number of users from before.
"Deeper technical aspects such as Sandbox mechanism, financial center testing, crypto asset trading floor are important platforms for small and medium enterprises to exploit," said Mr. Phan Vu Tuan, Vice President of Ho Chi Minh City Electronic Communications Association.
Regarding the topic of Blockchain, Mr. Nguyen The Vinh, Chairman of Ho Chi Minh City Blockchain Association (HBA), CEO of NinetyEight project, commented that recognizing crypto assets is an opportunity to attract investment and grow Vietnam's digital economy .
According to Mr. Vinh’s calculations, the volume of cryptocurrency transactions from Vietnam is estimated to reach 800 billion USD per year. This figure is 4.4 times larger than the stock market, which is currently at 180 billion USD/year.
The statistics were taken by HBA leaders from a Wall Street Journal report , when Vietnam ranked 4th among the largest markets of the Binance exchange. This platform currently accounts for about 34% of the CEX (centralized cryptocurrency exchange) market share. The trading volume on decentralized exchanges (DEX) accounts for about 10%.
"This 800 billion USD is only calculated on applied cryptocurrencies (coins, tokens), not including the NFT (Non-fungible token) market. If included, the number could reach 1,000 billion USD/year," Mr. Vinh added.
According to this person, Vietnam's digital economy can benefit from collecting transaction fees and platform taxes. Before Resolution 57, domestic enterprises had also developed relatively complete solutions in the cryptocurrency field such as decentralized wallets, NFT exchanges, blockchain layer 1, etc.
However, Mr. Vinh said that new technology still has some limitations to popularize to all users.
“The two major barriers to user adoption of Web3 are complex password management, the inability to recover, and the need for on-chain assets to pay transaction fees. However, these can all be solved with technology,” NinetyEight CEO shared.
Digital assets are a new field not only in Vietnam but also globally (Photo: BankRate).
In Official Dispatch 22 on a number of key tasks and solutions to reduce administrative procedures, improve the business environment, and promote socio-economic development, Prime Minister Pham Minh Chinh requested the Ministry of Finance to promptly complete the pilot resolution dossier to manage activities related to virtual assets and encrypted assets, and report to the Government Standing Committee.
Speaking to Dan Tri reporter , Ms. Lynn Hoang, Binance Country Director in Vietnam, commented that these are positive signals, showing that the authorities are extremely sensitive and paying much attention to the digital asset sector.
"The authorities' push to issue regulations and guidelines on digital assets and pilot digital asset exchanges will not only protect users but also promote innovation, encourage widespread adoption and enhance market stability.
In terms of management, in a well-regulated trading environment, market manipulation and fraudulent activities are expected to decrease. This provides investors with more transparent and secure trading mechanisms, thereby strengthening market confidence," said a representative of Binance Vietnam.
Dantri.com.vn
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