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Vietnam Ranks Second in Crypto Use, Driven by Remittance Payments

According to a recent survey done by Statista, a global provider of market and consumer data, Vietnam ranks second in terms of crypto usage, driven by remittance payments.

The survey shows that 21% of respondents in Vietnam declared that they’ve either used or owned cryptocurrencies in 2020 – that is the second-highest rate among the 74 countries that were part of the study, with Nigeria taking the top spot. A third of Nigerians declared this to be true for them.

According to news sources, “reliance on remittances and the prevalence of peer-to-peer phone payments made usage of crypto to be widespread in Nigeria.” Since sending money over borders is too expensive, many people have decided to use cryptocurrencies instead. Nigerians also use their smartphones for sending money to one another.

Remittance payments also played an important role in making crypto more popular in Vietnam and the Philippines. Other countries scoring high on the list are Turkey (16%), Peru (16%), and Switzerland (11%).

Japan and Denmark recorded the smallest number of people who used or owned crypto – both countries scored just 4%.

Still, crypto is not recognized as a proper way of making payments in Vietnam. The central bank even warned people that owning or trading crypto can be dangerous as they are not protected by the law.

In the spring of 2020, the Ministry of Finance created a group that would be in charge of analyzing and coming up with policies for managing the virtual assets.

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