Vietnam Officially Launches Vietnam Blockchain Union (VBU), Hanoi Ready To Master New Technology In Southeast Asia?

Vietnam is ready to adopt blockchain technology for government and private sector. (Unsplash)

JAKARTA – Vietnam launched the Vietnam Blockchain Union (VBU) aimed at increasing adoption of the technology underlying cryptocurrencies. Last week VBU was officially launched.

The group bridges the government and the private sector through blockchain technology. In addition, the presence of VBU also makes it easier for the Vietnamese government to regulate regulations related to the increasing adoption of crypto.

Reporting from Coingape, the inauguration of the VBU was attended by a number of representatives from the popular crypto industry including the world's largest crypto exchange Binance, local media reported on Friday, April 22.

The Vietnam Blockchan Union has an advisory board led by a number of important government officials, one of which is the Deputy Minister of Information and Communications Nguyen Huy Dung. Meanwhile, the director of the CMC Applied Research Institute, Dang Minh Tuan, was appointed chairman of the VBU.

For information, at the end of 2021 the Vietnam Digital Media Association agreed to form a VBU under the auspices of the Ministry of Information and Communication. In addition, the adoption of crypto and blockchain technology in the country also received a positive response from the central bank which passed comprehensive crypto regulations.

Vietnam Most Ready to Adopt Blockchain in ASEAN

Blockchain analytics company Chainalysis has ranked Vietnam first among Southeast Asian countries that have the potential to lead crypto adoption. This is driven by the significantly increasing rate of crypto adoption in ASEAN countries.

“With the ability to share information and data transparency in real-time, continuously, and with high security, blockchain has become one of the breakthrough technology trends with wide application in many sectors including finance, health, education, intellectual property, logistics, entertainment, and agriculture," said Chairman of the Vietnam Digital Communications Association (VDCA), Nguyen Minh Hong, quoted from CryptoPotato.

This view is in line with that conveyed by the chairman of the VBU, Dang Minh Tuan. According to him, blockchain technology has the ability to help Vietnam become a country that has advanced technology.