Vietnam Becomes Latest Country to Turn to Crypto - page 4.

lixer

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Quote from: TheNineClub on July 06, 2021, 02:12:45 AM

So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

That's still something right? I mean I get that there should be a global support for crypto because it is helping people seize their dreams and makes the financial world as close to each other as possible, it is like what social media did to communications, people all around the world can speak to each other and read each other's thoughts online thanks to social media, turned it into a close nit community instead of a global community, just 50 years ago people had no idea what was going on in other people's daily lives when they are at the other side of the world whereas thanks to social media now we know whats going on in every nation.

Same could be said for crypto and financials, it brought the world into a closer nit community thanks to bitcoin being global and Vietnam should see that. However this is still a start, I would take this over any other bad news.

magneto

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They're turning to a central bank issued coin, not a decentralised coin. Calm down people.

The fact of the matter is that the Vietnamese government is still entirely restrictive when it comes to decentralised cryptos. There is no intention on lifting the bans on these coins, and exchanges find it very hard to set up shop there.

It seems like another cheap way of raising revenue for the government much like the Petro in Venezuela, by riding the hype crypto has been getting. Absolutely not worth getting into as an investor if they do decide to go ahead with a national crypto, especially with their track record of high inflation.

bryant.coleman

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Quote from: TheNineClub on July 06, 2021, 02:12:45 AM

So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

In short, they are attempting to do what Facebook tried (i.e plagiarizing the original idea of cryptocurrency and coming up with their own version). It is too early to say whether their attempt will succeed or not. But on previous occasions, such attempts have failed. If they are coming up with their own CBDC shitcoin, it should be able to compete with Bitcoin in open market. Assuming that it would do well, if they get rid of the competition (Bitcoin) is not going to work. Cryptocurrency was invented against central bank monopoly. It will never work with CBDCs.

Mauser

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It is always great to read when new countries turn towards crypto currencies. The only issue I have is that Vietnam is a fairly small country. So why bother to create your own crypto coin? Wouldn't it be better to just use an already existing coin? When using a crypto coin that is already accepted then it will be much easier internationally to invest in Vietnam.

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Quote from: SaShiRaJaVu on July 05, 2021, 04:51:07 PM

Quote from: Beparanf on July 05, 2021, 12:16:57 PM

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

So you think Vietnamese government officials are directly involved in projects, not sure which project you are talking about and why do you think that government officials are involved because this development happened recently and you are talking about old announcement.
It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.

The project I'm talking about is Kardiachain. Sorry for my wording of "directly involve" but rather they are interested for Blockchain development technology to use on Fighting Covid-19. You can read full details of the article below.

Source: https://vnexpress.net/lanh-dao-cong-nghe-ban-ve-ai-blockchain-trong-cuoc-chien-covid-19-4288435.html

nur rochid

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Quote from: bittraffic on July 05, 2021, 10:28:00 PM

Quote from: John Jefferson on July 05, 2021, 09:36:20 PM

I am very pleased to see that more and more countries have joined the field of cryptocurrency and have begun to accept the trend of cryptocurrency. This represents that countries have begun to accept and learn to study blockchain technology. This is a good start, especially like El Salvador In countries with severe economic inflation and domestic legal currency failures, in a sense, blockchain technology and digital currency can solve the financial and credit crises brought about by legal currency. When more applications support cryptocurrency, it means that the demand will increase. As the demand increases, the cryptocurrency will be more perfect, and perhaps to a certain extent, the status of the cryptocurrency will be recognized by the world.

The article did not say they are going to adopt cryptocurrency but they are just going to create a cryptocurrency that will be used for their own CBDC, it's not like the El Salvadoran government. I wouldn't expect Asian countries to really use decentralized currency, these governments want full control over their money. And we can't blame them for that.

But I think most of them will realize that Bitcoin is unstoppable. Even if they totally ban BTC or any other cryptocurrency, the people will still be able to access it for all wants to have freedom.

until now bitcoin has not escaped a steep road, but we can see the evidence to date, despite many oppositions from the government, but bitcoin seems to be unstoppable and even more powerful. until the time that elsalvador became the first country to legalize bitcoin, although I see vietnam has not decided like elsalvador, judging from the article, but at least this is a development in the crypto world

TheNineClub

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So if I'm reading this correctly, they still treat BTC and other crypto the same, they will just develop their own? If that's the case, that's extremely short sited and opportunistic of them. If they wan't in their cryptocurrencies to succeed, they need to allow other currencies to freely flow in their economy to ease people into it. Ain't no way anyone is adopting government crypto if they had no time with any other cryptocurrency if that makes any sense.

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Quote from: bittraffic on July 05, 2021, 10:28:00 PM

The article did not say they are going to adopt cryptocurrency but they are just going to create a cryptocurrency that will be used for their own CBDC, it's not like the El Salvadoran government. I wouldn't expect Asian countries to really use decentralized currency, these governments want full control over their money. And we can't blame them for that.

But I think most of them will realize that Bitcoin is unstoppable. Even if they totally ban BTC or any other cryptocurrency, the people will still be able to access it for all wants to have freedom.

You don't need to generalize all the Asian countries in to one bracket. Actually you can't expect communist nations such as China, North Korea and Vietnam to allow a decentralized asset such as Bitcoin to be used within their territory. Their economies are manipulated, and are kept alive by manipulating the investment assets. Even the national currencies are heavily manipulated and therefore Bitcoin represents an existential threat for them. The situation is vastly different in countries such as Japan and South Korea.

bittraffic

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Quote from: John Jefferson on July 05, 2021, 09:36:20 PM

I am very pleased to see that more and more countries have joined the field of cryptocurrency and have begun to accept the trend of cryptocurrency. This represents that countries have begun to accept and learn to study blockchain technology. This is a good start, especially like El Salvador In countries with severe economic inflation and domestic legal currency failures, in a sense, blockchain technology and digital currency can solve the financial and credit crises brought about by legal currency. When more applications support cryptocurrency, it means that the demand will increase. As the demand increases, the cryptocurrency will be more perfect, and perhaps to a certain extent, the status of the cryptocurrency will be recognized by the world.

The article did not say they are going to adopt cryptocurrency but they are just going to create a cryptocurrency that will be used for their own CBDC, it's not like the El Salvadoran government. I wouldn't expect Asian countries to really use decentralized currency, these governments want full control over their money. And we can't blame them for that.

But I think most of them will realize that Bitcoin is unstoppable. Even if they totally ban BTC or any other cryptocurrency, the people will still be able to access it for all wants to have freedom.

John Jefferson

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I am very pleased to see that more and more countries have joined the field of cryptocurrency and have begun to accept the trend of cryptocurrency. This represents that countries have begun to accept and learn to study blockchain technology. This is a good start, especially like El Salvador In countries with severe economic inflation and domestic legal currency failures, in a sense, blockchain technology and digital currency can solve the financial and credit crises brought about by legal currency. When more applications support cryptocurrency, it means that the demand will increase. As the demand increases, the cryptocurrency will be more perfect, and perhaps to a certain extent, the status of the cryptocurrency will be recognized by the world.

Wawa2013

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Quote from: Vaskiy on July 05, 2021, 07:22:09 PM

Rather than the bitcoin, there is massive adoption of the blockchain technology. Here Vietnam also has its plan of having their own cryptocurrency for the country. Already there were more countries with the similar development. It shows the transition from the common internet banking to the next level of service.

Vietnam is among the country that are against the usage of cryptocurrencies. Now it has planned for its own cryptocurrency. Maybe the same could happen with every country slowly, but I don't Know how effective will this country owned cryptocurrencies will function compared to bitcoin.

The Vietnamese government recognizes the importance of adopting blockchain technology for the advancement of their financial system,
so it's no wonder Vietnam decided to create their own cryptocurrency. And it doesn't matter that the Vietnamese government still prohibits
the use of Bitcoin, because it took a long process, so that the Vietnamese government realized the importance of accepting Bitcoin. We really
have to see what happens next, the effect that will occur from Vietnam using their own crypto coin.

Vaskiy

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Rather than the bitcoin, there is massive adoption of the blockchain technology. Here Vietnam also has its plan of having their own cryptocurrency for the country. Already there were more countries with the similar development. It shows the transition from the common internet banking to the next level of service.

Vietnam is among the country that are against the usage of cryptocurrencies. Now it has planned for its own cryptocurrency. Maybe the same could happen with every country slowly, but I don't Know how effective will this country owned cryptocurrencies will function compared to bitcoin.

arallmuus

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Quote from: SaShiRaJaVu on July 05, 2021, 04:51:07 PM

It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.

It does not has anything to do with the market, this is not the same thing as making cryptocurrency into a legal tender in their country. Some countries are hyping about this stuff lately because China has been keen on pushing their Digital Yuan. All these countries seems to think that turning their own fiat currency into a digital currency like what China does with their Digital Yuan is pretty much the same thing with cryptocurrency

All they want to do in the end are to destroy cryptocurrency by turning their own centralized fiat currency which they can control (*cough* xrp for example) into cryptocurrency.

AndySt

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Quote from: CaVO32 on July 05, 2021, 05:26:36 PM

Quote from: perryxi2 on July 05, 2021, 05:21:57 PM

I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

I am glad that your government changed their perspective towards crypto. They are now realizing the benefits of this technology and may help their Citizens in some ways to improve their economic status. Let us see how this pans out. Or are they open to create their own digital currency? Now, that China is getting hard on crypto, it is good to hear that there are countries that are now changing their approach towards crypto

I think it's too early to be very happy if you carefully read the news. Actually, I didn't notice anything in the news that would talk about the adoption of bitcoin in Vietnam and the permission to make payments in bitcoin, and there seems to be nothing new in this area. It's just that the prime minister just called on the country's Central Bank to make a pilot launch of the cryptocurrency within two years, and apparently everything will develop according to the Chinese version with a digital national currency based on the blockchain, and Vietnam simply does not want to lag far behind China in this area. Vietnam, of course, is changing its attitude a little, but all this change does not apply to traditional decentralized cryptocurrencies.

lixer

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Quote from: Leviathan.007 on July 04, 2021, 04:28:30 PM

According to a July 4 report by The Phnom Penh Post, Vietnam's Prime Minister Pham Minh Chinh has called on the country's central bank to pilot a blockchain-based cryptocurrency over the next two years. Set up.

I am not sure how I shall react because I am happy that governments are shifting their focus towards cryptocurrency and the increased use of blockchain technology but at the same time I am afraid that it only brings more competition to decentralized cryptos like bitcoins and eventually they will want to ban or restrict the use of Bitcoins to promote their own coin, I am afraid it would be another Central Bank Digital Currency as proposed by so many other countries.

Quote from: Leviathan.007 on July 04, 2021, 04:28:30 PM

Chineh, the 62-year-old leader of the country's main communist party, called digital money "an inevitable trend." Apart from crypto, Vietnam will also focus on implementing such advanced technologies as big data, artificial intelligence, and augmented reality.

That's so true because it is about time people shifted to digitalization and the growth was clear and inevitable. I just hope they don't ban the use of cryptocurrencies because their own coin might not function as they wish and they might end up banning their biggest competitor which we know is Bitcoin.

CaVO32

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Quote from: perryxi2 on July 05, 2021, 05:21:57 PM

I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

I am glad that your government changed their perspective towards crypto. They are now realizing the benefits of this technology and may help their Citizens in some ways to improve their economic status. Let us see how this pans out. Or are they open to create their own digital currency? Now, that China is getting hard on crypto, it is good to hear that there are countries that are now changing their approach towards crypto

perryxi2

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I am Vietnamese and I heard this news before Vietnam banned buying and selling BTC, I feel very bad for the past few years but now good news Vietnam my country started accepting BTC.

doomloop

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Quote from: Beparanf on July 05, 2021, 12:16:57 PM

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

Indeed it's bright news especially since they have been against crypto and even banned it in past. I am glad they had the intelligence to understand that banning crypto doesn't help the cause instead adopting and launching through it was the right move.

I agree with @stompix though because as bitter it may sound, it's true that blockchain technology adoption doesn't mean bitcoin will get any sort of legalization or help from the government.

I am not buying the idea of centralized blockchain-based cryptocurrency for every country because it's similar to making a digital wallet and transactions more transparent, that's about it.

SaShiRaJaVu

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Quote from: Beparanf on July 05, 2021, 12:16:57 PM

I've invested lately on Vietnam based blockchain project and I saw on there old announcement that some Vietnamese government official is directly involve on the project. They launched many conferences too in there country with a strong support from there government. Vietnam right now are starting to adapt cryptocurrency technology and its a very good news.

So you think Vietnamese government officials are directly involved in projects, not sure which project you are talking about and why do you think that government officials are involved because this development happened recently and you are talking about old announcement.
It looks promising when you hear news like these when government are taking the market seriously and they wanted to do a pilot study on how to implement them successfully.

stompix

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Quote from: passwordnow on July 05, 2021, 12:41:31 PM

But it has indicated crypto and that includes bitcoin and that research may lead to adoption as they're turning positive on it.

It's grasping at straws here.
They clearly said the CB is rolling up a pilot program, it has zero to do with bitcoin.
Just because they say crypto it doesn't mean automatically mean bitcoin, saying blockchain doesn't mean crypto and doesn't even mean decentralization.

Quote from: passwordnow on July 05, 2021, 12:41:31 PM

Although it's totally different from their standpoint towards cryptocurrency, it is positive and there's no longer ban that shall be imposed even if they're going to produce their own CBDC.

And how did you deduced that and from what?

Quote from: BrewMaster on July 05, 2021, 12:10:44 PM

whenever governments do that they also start restricting bitcoin usage since bitcoin is decentralized and people will never choose the govcoin over bitcoin. they may even end up banning it to force people into using their altcoin.
we have to wait and see how this turns out.

If we talk about totalitarian regimes, and the Vietnam one is not that far off yeah, I think that CDBC will be more of a threat to bitcoin than any other altcoin or shitcoin, but if it comes to normal countries, like the western world, probably not that big of a deal. After all, they are not gaining anything from banning BTC at that point, they could easily track all money flows, they don't need that propaganda regimes and dictators need on how powerful their state is and how they can order everything around, no need to inspire fear when you can achieve things willingly

Topic: Vietnam Becomes Latest Country to Turn to Crypto - page 4. (Read 765 times)