Vietnam Blockchain Association teams up with exchange giant Binance

The Vietnam Blockchain Association has revealed a partnership with the Binance cryptocurrency exchange. The partnership’s goal is to foster the development of blockchain technology in the country.

Binance will work alongside the Vietnam Blockchain Association to create partnerships with some leading tech firms globally.

Binance partners with Vietnam Blockchain Association

The global crypto sector has recorded increased adoption in different jurisdictions. Vietnam is opening up to the crypto sector, and a Chainalysis survey in 2020 revealed that the country was leading in digital asset adoption.

The adoption of crypto in the country was fuelled after the Director of the Government Cipher Committee, Mr. Ngo Duc Thang, signed an order about the sector’s development. The official also said that blockchain technology was one of the core attributes of the Fourth Industrial Revolution.

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The report by Thang said that “in the coming time, the government will continue to facilitate, encourage and promote early businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay. It is expected that by 2030, blockchain will create 40 million jobs, 10%-20% of the global economic infrastructure will run on blockchain technology scams.”

According to a recent publication, the country was putting extra effort into sectors like decentralized applications (DApps). The Vietnam Blockchain Association will work alongside Binance. The Vice President of the Vietnam Blockchain Association, Phan Duc Thung, noted that the partnership would bridge crypto technology and the local market.

“We believe that this is one of the proper steps, following the direction of the Vietnamese government towards a digital government, a digital economy, bringing sustainable growth values for a prosperous Vietnam,” the executive added.

The move will also attract foreign investments and global resources that could be directed toward the fast-growing economy of Vietnam. The country also plans to educate and train people about the benefits of digital assets.

The Vietnam Blockchain Union

The Vietnam Digital Communications Association (VDCA) recently launched the Vietnam Blockchain Union (VBU). The union’s objective was to boost the adoption of blockchain technology in Vietnam and support cryptocurrency initiatives.

The VDCA is also planning to work with legislatures based in Vietnam to create the desired regulatory framework to support the local digital asset market. The chairman of the association, Dang Ming Tuan, said that creating this union would help the country’s plans to transition into a country that has embraced technological innovation.

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