Cryptocurrency Flourishes in Vietnam With 16.6 Million Holders (Report)

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Cryptocurrency Flourishes in Vietnam With 16.6  <b>Million</b> Holders (Report)

The “Vietnam Cryptocurrency Market Report 2022” revealed that 16.6 Million Vietnamese own digital currencies, with Bitcoin (BTC) being the most trending asset.

Another research conducted by Chainalysis placed the Asian country as the world’s digital currency adoption leader, with a score of 1.000.

Next to the Top

The study, reported by a local media outlet, estimated that 16.6 Million Vietnamese had purchased digital currencies ( approximately 17 percent of the country’s population). 31 percent of those have invested in Bitcoin (BTC), making it the most preferred digital asset.

The research determined that Thailand is the only country with more HODLers than Vietnam in the Association of Southeast Asian Nations (ASEAN). 

Apart from having a considerable number of cryptocurrency investors, Vietnam is likewise home to numerous blockchain tech projects that primarily focus on GameFi (Game Finance), Non-Fungible Token (NFTs), or Web3. 

Vietnamese have established 7 of the top 200 blockchain tech organizations universally, with Axie Infinity, Coin98, and Kyber Network being some of the examples. Axie Infinity is among the most trending blockchain-based games, reaching a peak of nearly 3 Million users at the beginning of 2022. The user base dropped below one Million in the next months before spiking once more at the start of 2023.

The game suffered a severe blowback in March a year ago after the North Korean hacking collective – the Lazarus Group – drained over $600 Million worth of digital currencies from Ronin Network – an Ethereum-linked sidechain that powers Axie Infinity. The project improved its security policy and restarted operations 3 months later.

A Worldwide Leader Reports by Chainalysis

“The 2022 Worldwide Cryptocurrency Adoption Index,” a study carried out by Chainalysis, outlined Vietnam as the world’s digital currency adoption leader, reaching a score of 1.000. The platform argued that one reason behind that success may be the high interest in blockchain-based games in the region. It is worth keeping in mind that Vietnam ranked 1st in the 2021 research, too.

The Philippines – another country located in South East Asia – was Second with a score of 0.753, while war-torn Ukraine was third with 0.694.

Most countries in the top 20 list included lower-middle-income economies, such as Nigeria and Indonesia, and upper-middle-income ones (Argentina, Brazil, Turkey).

2 of the world’s super economies – the  United States of America and the United Kingdom – likewise found their place, ranking respectively fifth and 17th.


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