Statista, an international provider of market and consumer data, ranked Vietnam in the second position after Nigeria in terms of cryptocurrency use. Though cryptocurrency is not yet a recognized legal mode of payment, Vietnam is the second-highest user of crypto assets, the State Bank of Vietnam revealed.
The findings in a survey by Statista showed that about 21% of the total respondents in Vietnam use or own crypto assets in 2020. The survey was conducted in a total of 74 countries in which Nigeria got the first position in the highest usage of cryptocurrency.
However, it should be noted that Nigeria managed to secure the first rank due to its reliance on remittances and the generality of peer-to-peer smartphone payments, which eventually gave a steep rise to the use of cryptocurrency in the largest economy of Africa.
According to Bitcoin.com, most of the time, Nigerians make use of their phones to send money to each other or pay at local shops. Also, the sky-touching costs of doing transactions across borders forced Nigerians to turn to local crypto exchanges.
Apart from the fact, the State Bank of Vietnam has refused to recognize cryptocurrency as a legit means of payment. It had also warned people in Vietnam about the risk to own, trade, or use crypto assets as any kind as it is not protected by government laws.
The Ministry of Finance of Vietnam put up a group in charge of examining and proposing regulated policies to manage crypto assets in May.
In addition to this, the Prime Minister of Vietnam, Nguyen Xuan Phuc, presented a Decision on August 21, 2017, Decision No 1255/QD-TTG, to give a green signal to the project of finishing the legal framework for managing and handling digital assets.