Cash2vn Is Bringing Bitcoin’s ‘Core Value’ of Borderless Transactions to Vietnam
A new Bitcoin remittance service has started in Vietnam called Cash2vn. Created by Bitcoin Vietnam Co. Ltd , Vietnamese who have a verified bank account can send funds to contacts anywhere. The transaction is done for a flat fee of US$2, leveraging the use of cryptocurrency in order to “create real advantages for consumers and business.” The team says it's dedicated to building the necessary foundations to bring access to the Bitcoin economy to the Vietnamese market. Bitcoin Vietnam recently also launched the country’s first live trading platform, VBTC. To continue their efforts,....
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The leading bitcoin exchange in Vietnam recently launched a bitcoin remittance service in the country called cash2vn. This will enable users to send funds to their families and friends in Vietnam through the bitcoin network and the cash2vn platform for a fee of $2 per transaction. For now, the bitcoin remittance platform requires that the user have a bank account in Vietnam, although the team is already working on methods to cash out that can be inclusive of those who don't have a Vietnamese bank account. Bitcoin Remittance Trends. In other parts of Asia and in South America, bitcoin....
Vietnam's premier exchange Bitcoin Vietnam Co Ltd has added wallet functionality in a bid to make storage simpler and encourage day-to-day digital currency spending in the country. Notably, users of Bitcoin Vietnam Wallet will be able to send bitcoins to others on the platform in instant 'off-chain' transactions using recipients' bitcoin or email addresses. Off-chain transactions occur near instantly, outside the bitcoin block chain with its delayed confirmation times. Users will also be able to sell the bitcoins in their wallets directly on the Bitcoin Vietnam exchange, without needing to....
Bringing digital currency payments to the masses is one thing, but finding a business willing to accept and process Bitcoin transactions, is a completely different matter. Putting Bitcoin into the hands of as many as possible is the right way forward, but there are a lot of challenges ahead. In the Western world, Bitcoin users have been somewhat spoiled thanks to overwhelming support from merchants and businesses. But over in Asia, and more particularly Vietnam, the Bitcoin landscape is vastly different. A recent partnership between Coinify and Bitcoin Vietnam brings the country’s first....
State Bank of Vietnam. Source: Adam Eales. Vietnam is not looking like fertile ground for bitcoin growth, it seems. The State Bank of Vietnam, along with the Government, have said that they do not recognize bitcoin as a legitimate means of payments in Vietnamese territories. The news was reported last week by the Authority of Foreign Information Service (AFIS), who also note that the use of bitcoin in Vietnam is forbidden (bold emphasis ours): The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactions and....
In mid-February, the Vietnamese government issued a statement explicitly prohibiting residents from using Bitcoins at all within the country. According the Vietnamese central bank, only the national currency, the Vietnamese dong, can be used as a form of payment. According to the bank’s legal interpretation, then, Bitcoin constitute an illegal form of payment. “The State Bank of Vietnam has reported it to the Government and sent an official note warning about the risks in the Bitcoin using transactions and affirming that the Vietnamese Government does not recognize and allow the Bitcoin....