Despite it not being seen as a legally approved means of payment in Vietnam, ownership of blockchain-based currencies like Bitcoin and Ethereum are soaring here. 

A recent report revealed that cryptocurrency use jumped a massive 881% around the world in the last year, and Vietnam is one of several nations driving the trend.

Earlier this year it was found that Vietnam has the second-highest rate of general cryptocurrency use of 74 surveyed countries. Overall, 21% of Vietnamese respondents said that they used or owned a form of cryptocurrency in 2020, which is only behind Nigeria, at 32%.

While cryptocurrencies are often seen as ways to make quick money or as a form of investment as well as a potential future means to purchase goods in lieu of a physical currency tied to any specific country, they have proven powerful for making remittance payments and for personal savings. “In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances,” the Chainalysis report explains. 

Cryptocurrency operates in somewhat of a gray area in Vietnam. It is officially illegal to use it to buy or sell any goods or services, but its use for investing or saving is less clearly defined. 

Meanwhile, entrepreneurial locals have found other ways to harness blockchain technology. Recently, a company that makes an app with available characters with blockchain secured US$7.5 million in funding while a 14-year-old artist sold a piece as a non-fungible token (NFT), a digital version of a work, for US$23,000.

[Top image via BTC Manager]