Vietnam Emerging as Crypto Hub: Soon Proving to be a Major Player in XRP

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Crypto is increasingly growing globally but despite this, some regions are still struggling to find their crypto as South Asia. In 2024 revenue of the cryptocurrency market in South Asia nearly reached US$343.50 million. 

According to recent research by Chainalysis Vietnam is now the fastest-growing crypto region. In 2023’s Global Crypto Adoption, Vietnam stood one rank 3 and gained popularity in the crypto space.

Why Virtual Assets are Illegal in Vietnam?

As we all know it is illegal to use virtual currency, such as bitcoin, to conduct financial transactions in Vietnam. According to the Vietnam laws, the practice of issuing, and supplying illegal means of payment mode even crypto, is considered as breaking rules and regulations and prosecuted for liability following Article 206.

XRP Will be a Big Name in Vietnam

Vietnam is Playing at Forefront in Crypto. Yasin Mobarak who is a known figure in the XRP community has posted on X (Twitter) and shared his insight, on how XRP fourth fourth-largest altcoin is growing in Vietnam.

$XRP will be big in Vietnam. https://t.co/FHSewyMoW5

— Yassin Mobarak (@Dizer_YM) January 13, 2024

This comes as the Vietnam Central Bank was exploring the feasibility of including XRP for cross-border payments within Vietnam and internationally. South Asian regions are fastly adopting XRP no doubt why cause  XRP provides faster cheaper and secure cross-border payment services. Recently, Ripple has partnered with TPB Bank, which is one of the biggest banks in Vietnam. This partnership will be beneficial for the whole XRP ecosystem.

Web Traffic in Different Countries

In the majority of countries, centralized exchange takes all of the web traffic, but each country has its special interest. In the Phillippine region, most of the people nearly 20% use crypto sites for games and gambling. Whereas, in Vietnam and Pakistan citizens use peer-to-peer exchanges, where they can directly trade with other people instead of big firms.

One of the recent developments of the XRP in Vietnam are, in September 2023, SBI Remit, a financial service provider that recently started XRP-based remittance service in the countries like Philippines, Vietnam, and Indonesia. SBI Remit partnered with Ripple and SBI Ripple to launch international payment services, which was confirmed by SBI Holdings CEO and chair Yoshitaka Kitao on X (Twitter).