Vietnam named top country in CSAO report for strong crypto adoption
Southeast Asia has been able to account for plenty of growth recently, with non-custodial crypto wallet
According to Chainalysis's Global Crypto Adoption Index 2023 report, Vietnam is among the top countries in the cryptocurrency adoption index, ranking above the United States.
The Global Crypto Adoption Index 2023 ranking published by Chainalysis shows that the top 5 countries in the cryptocurrency adoption index include India, Nigeria, Vietnam, the United States and Ukraine.
Vietnam is among the top countries accepting cryptocurrency
According to Dan Tri, referencing the report on the global cryptocurrency adoption index 2023 (Global Crypto Adoption Index) conducted by blockchain market analysis company Chainalysis (USA), Vietnam ranked 3rd.
This is the third year Chainalysis has done a cryptocurrency list. Previously, Vietnam led this list twice consecutively in 2021 and 2022.
Typically, the Global Crypto Adoption Index report ranks 154 countries and territories, scoring them on a scale from 0 (lowest) to 1 (highest).
The report conducted by Chainalysis revealed that the global cryptocurrency adoption index comprises 5 different criteria, such as indexes related to trading volume on centralized exchanges, peer-to-peer trading volume (P2P), transaction volume on DeFi platforms…
The indexes are averaged over a year, with a scoring scale of 0-1 for each country.
Vietnam is considered a country with many advantages in the global blockchain race, with a young population and modern and synchronous Internet infrastructure.
Many experts also point out that, among the important reasons for Vietnam being in the top countries with a high cryptocurrency acceptance index is that Vietnamese people quickly grasp new world trends.
Accordingly, Vietnamese people not only make quality products but also lead many world trends in GameFi and DeFi. Not to mention, Vietnam is also one of the first countries worldwide to have an officially operating Blockchain Association.
In Vietnam, as of December last year, there were more than 200 active blockchain projects, according to information mentioned at a conference held in September by the Vietnam Banking Association and Vietnam Blockchain Association.
Surpassing America
The 2023 Global Crypto Adoption Index report shows that India, Nigeria and Vietnam surpass the US on the cryptocurrency adoption index rankings.
Blockchain expert Le Thanh evaluates this as one of the rare industries in Southeast Asia that is close to the whole world.
Dan Tri quoted Mr. Thanh as emphasizing that Southeast Asia has the advantage of a large, young population and high Internet coverage, and this creates advantages for industries that can take advantage of the Internet and mobile devices.
"This is the first time the Asian region has the opportunity to lead a new trend, unlike in the past, which usually started from Europe and the US and then spread to the whole world," Mr. Thanh said.
Meanwhile, Director of Binance France David Princay also noted that blockchain should be looked at from a technological perspective to see the real needs of the economy, seeing where it can be applied, not just GameFi or electronic money.
"Vietnam's Internet has exploded in the Web2 environment. However, this platform is merely an era of information sharing. Web3 will open a new chapter of the value-sharing Internet. Vietnam needs to take advantage of these advantages to rise to the top in the Web3 and metaverse era," Mr. Princay expressed.
The Wall Street Journal recently said that Vietnam ranked in the top 5 countries with the highest trading volume on the Binance exchange, with nearly 42 million visits from October 1, 2021 - October 1, 2022.
Binance billionaire Changpeng Zhao (CZ), during his visit to Vietnam, also repeatedly emphasized that Vietnam has great potential and is still in the group of pioneering countries in blockchain.
CZ said that Vietnam has many people who are passionate about and deeply knowledgeable about technology, and at the same time, Vietnam is a potential market for Asia in this field.
"After interacting with the Vietnamese technology community, they like innovation. Many people are interested in new technology like blockchain," the founder of Binance expressed excitement.
Data from Statista shows that revenue from cryptocurrency exchanges in the Vietnamese market is expected to reach 109.4 million USD in 2023, and the number of cryptocurrency users will also increase by about 12.37 million people in the year 2027.
