The Vietnamese government has been keeping a close eye on Bitcoin trading activity in the country. In February 2018, the prime minister issued a directive that called for stricter regulation of cryptocurrency trading. This was followed by a series of moves by the central bank to crack down on Bitcoin exchanges. Bitprime gold app provides more information in this regard.
In September 2018, the central bank issued a circular prohibiting credit institutions from dealing with cryptocurrencies. The following month, the State Bank of Vietnam (SBV) ordered all domestic cryptocurrency exchanges to cease operations.
Despite these crackdowns, Bitcoin trading activity has continued to grow in Vietnam. A recent report by Cointelegraph showed that the volume of Bitcoin traded on LocalBitcoins had reached an all-time high in December 2018.
The continued growth of Bitcoin trading in Vietnam is likely due to the country's booming economy. Vietnam has one of the fastest-growing economies in the world, with an annual GDP growth rate of 7.08% in 2018. This has led to a growing middle class with more disposable income, which has helped drive demand for Bitcoin.
The Vietnamese government's crackdown on cryptocurrency trading is also likely to have driven some users to peer-to-peer (P2P) exchanges like LocalBitcoins. These exchanges allow users to trade directly with each other, without the need for a centralized exchange.
The continued growth of Bitcoin trading in Vietnam despite government crackdowns is a positive sign for the future of cryptocurrency adoption in the country. With a booming economy and a growing middle class, Vietnam is an ideal market for Bitcoin and other cryptocurrencies.
The use of Bitcoin in Vietnam is growing at a rapid pace, despite the country's ban on the cryptocurrency.
In September 2017, the Vietnamese government issued a decree banning the use of Bitcoin as a form of payment. However, this has not deterred the use of Bitcoin in the country.
According to a recent report by CoinTelegraph, the trading volume of Bitcoin in Vietnam has grown significantly in the past few months. In fact, it is now one of the top 10 countries for Bitcoin trading.
The report attributes this growth to the fact that many Vietnamese investors are looking for alternative investment opportunities outside of the traditional financial system.
Bitcoin is seen as a viable alternative investment because it is not subject to government control or manipulation. Additionally, Bitcoin is not inflationary like fiat currencies.
Despite the ban on Bitcoin payments, there are still a number of ways to buy and sell Bitcoin in Vietnam. LocalBitcoins is one of the most popular methods.
LocalBitcoins is a peer-to-peer (P2P) marketplace that allows users to buy and sell Bitcoin without the need for a centralized exchange.
Vietnamese investors can also use overseas exchanges to trade Bitcoin. However, this option is riskier as it requires them to convert their Vietnamese Dong (VND) into a foreign currency.
The most popular exchanges used by Vietnamese investors are Bittrex, Kraken, and Bitfinex.
Bitcoin trading in Vietnam has seen a significant uptick in recent months, with more and more people looking to invest in the popular cryptocurrency. While the Vietnamese government has taken steps to crack down on Bitcoin trading, it has not been able to completely stop it. Here are some of the latest trends in Bitcoin trading in Vietnam:
1. Increased interest from foreign investors: In the past few months, there have been an increasing number of foreign investors interested in Bitcoin trading in Vietnam. This is likely due to the growing popularity of Bitcoin globally, as well as the fact that Vietnam is one of the few countries where Bitcoin trading is still relatively easy to do.
2. More exchanges opening up: In order to meet the demand for Bitcoin trading in Vietnam, more exchanges are starting to open up. This is making it easier for people to buy and sell Bitcoin, as well as increasing the amount of liquidity in the market.
3. Growing number of ATMs: Another trend that has been happening in Vietnam is the increasing number of Bitcoin ATMs. This is making it even easier for people to get their hands on Bitcoin, as they can now simply go to an ATM and withdraw cash in exchange for Bitcoin.
4. More merchants accepting Bitcoin: As Bitcoin becomes more popular, more merchants are starting to accept it as a form of payment. This is giving people more options when it comes to spending their Bitcoin, and is helping to increase the overall adoption rate of the cryptocurrency.
5. Increased regulation: The Vietnamese government has been taking steps to crack down on Bitcoin trading, but it has not been able to completely stop it.