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The Rise of Bitcoin Mining in Vietnam

bitcoin-mining-vietnam-1

Bitcoin miners had a terrible start to the year, but things are looking up as summer ends. This is because the industry has recovered from the shock. Even Elon Musk's criticism about Bitcoin mining's excessive energy use has become obsolete.

On September 6th, 2021, for example, VN Express International published an article about the country's mining business. Quang Thuan was one of the personalities covered in the magazine, who operates a network of stores in Ho Chi Minh City from which digital gold prospectors may purchase mining equipment.

According to him, sales are soaring, reaching up to 300% of growth in the first week of September compared to the same week the previous year.

Vietnam's Central Bank & Bitcoin

The State Bank of Vietnam, Vietnam's central bank, is not a crypto fan. This tendency can be witnessed worldwide because almost every nation's central bank has expressed hesitation toward cryptocurrencies.
However, even the most powerful central bank must grow with the times. On March 2021, the Vietnamese Ministry of Finance launched its Bitcoin research team with the aim to provide Bitcoin with legal support. Besides, Vietnam's prime minister has suggested that the country's central bank conduct a cryptocurrency pilot program until at least 2023.

So far, around a million Vietnamese citizens are projected to begin utilizing cryptocurrencies. According to experts, by 2030, this figure will have climbed to 30 million. As a result, this would benefit the Bitcoin exchange sector, the hardware business, the government revenue collecting, and the crypto bot scene in 2022. This would also mean that by 2030, almost 35% of the Vietnamese population will be using BTC.

Given this reality, the Central Bank of Vietnam should make a difficult decision.

However, it must be acknowledged that not all Vietnamese people share its anti-Bitcoin attitude. Moreover, cryptocurrencies are now in legal uncertainty in Vietnam since they are neither property nor a recognized form of foreign currency.

As a result, much like in Russia, the only acts considered legal in relation to cryptocurrencies are the holding of said coin and its investment. "Allowed" isn't quite correct; "tolerated" is more apt.

All in all, Vietnamese laws neither permit nor ban the possession nor investing of Bitcoins, or crypto in general. On the other hand, utilizing the coins in transactions, supplying, or issuing cryptos can result in $8,700 in penalties and even jail time. (according to Vietnam Briefing)

A Prosperous Economic Future

Vietnam's plans are similar to Japan's. Because cryptocurrencies have been accepted and regulated in that country, their use now has the legal certainty required for businesses to adopt them into their operations. Since then, Bitcoin's popularity has risen in the world's fourth-largest economy.

There is hope for Vietnam's future. The current banking system, along with the rapid expansion in developing nations' economic production, are essential contributors to this problem.

In Vietnam, over 40% of the population does not have access to a bank. However, due to low-cost cellphones and lightning-fast internet, several Vietnamese have begun to use digital money via e-wallets.

Vietnam has a highly young population with a median age of less than 30. So yet, the only people who have begun to use Bitcoin are young male IT enthusiasts with links to the gaming sector. Vietnam has already established the first acceptance points.

In any case, a legislative framework will help these areas' economic development. This may have been the Vietnamese government's primary goal. Undefined zones must be eliminated to regulate the mainstream use of cryptocurrencies.

Bitcoin retailers in Vietnam are supportive of the government's proposals. Even though it is just speculation, for the time being, the price of Bitcoin may soar if it is soon legalized.

Mining in Vietnam

The cryptocurrency mining sector is thriving as Bitcoin's price is getting back on track, staying around the $20,000 mark. Therefore, although this year isn’t blooming like the previous one, the crypto light is shining bright in Vietnam.

What may have a significant impact this year is the recent change towards Proof-of-Stake at Ethereum, introducing “The Merge.”

Plus, the Chinese government's mining prohibition has aided the sector, which was suffering at the start of last year.

Miners were forced to devise new solutions since they could no longer perform what they were doing. Nevertheless, that’s all in the past now, and things are looking crypto-friendly in Vietnam!

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© Written by Kim Pham for itourvn.com

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Sunday, 05 February 2023

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