The number of Bitcoin investors in Vietnam has doubled in just one year, to 60,000 in 2018 from 30,000 in 2017.
The figure was disclosed by Hubery Yuan, the director of Huobi Academy of Blockchain Application at the Blockchain Festival 2018 in HCM City on May 24.
Vietnam is seeing robust development in the finance sector and electronic currencies like Bitcoin is enjoying great opportunities here, Hubery Yuan said. “Electronic money will gradually replace traditional financial market in many sectors,” he claimed.
A report from Huobi Pro showed that there are currently over 74,000 registered users in Vietnam and the number of transactions was among top three in Southeast Asian countries.
“Although there are about 12 transaction floors in Vietnam, legal transactions are not stable due to the country’s tight policies,” the report said, adding that the framework for monitoring electronic money is now only being built.
Blockchain Festival 2018 is being held by Huobi.Pro, the world’s third largest digital asset exchange, in Ho Chi Minh City from May 24-25.
The two-day Blockchain Festival, the first of its kind in Vietnam, featured more than 30 speakers, including keynotes from Le Ngoc Giang from the Vietnamese Ministry of Justice with The Road Ahead for Vietnam’s Blockchain Industry, and David Nguyen, President of Vietnam Chamber of Commerce Singapore and Chairman of Regulus Investment & Capital Holdings.
“Vietnam is becoming more and more important on the global blockchain map,” said David Nguyen. “As such, Vietnam needs more help from global leaders in the blockchain industry, like Huobi. We hope that this festival will help increase the awareness level of the public, especially for ICT businesses, students, and universities.”
Fuelled by a young population with a high rate of smartphone usage and large batches of IT graduates each year, Vietnam has become one of the fastest growing economies. In Southeast Asia, Vietnam has been dubbed the blockchain country to watch because of the country’s high-tech literacy and engineering resources. According to the World Economic Forum, Vietnam is ranked among the top 10 countries for producing engineering talent.