Even though there were some unpleasant vibes regarding Bitcoin in Vietnam government, the outlook for the crypto and altcoins is promising.
A Vital Cooperation
The reason for such an unlikely scenario is the venture enterprise that’s got invested not only by Vietnam but also Israel and Germany. The venture is called Bitcoin Vietnam and it works similarly to BitPay, GoCoin and others cryptocurrency analogies to Bitcoin.
The success though can be addressed not only to Vietnam but, more importantly, to it’s cooperation with Bits of Gold an exchange for the main digital currency. Another important alliance is with the Bit2c which is, by the way, another Israeli startup that’s been around for almost a year.
Dominik Weil, who is the coordinator of the overall project, believes that Tel Aviv is amazing if not the best place for cryptocurrencies to blossom, as the world’s top specialists there have both the skillset and the “right entrepreneurial spirit”.
Self-regulation Is the Way to Go
As the legal basis for digital coins in Vietnam is short to nothing, the Bitcoin Vietnam will have to suffice on self-regulation and, according to Weil it’s going to be pretty strict:
“We dont want to become a tool for illicit activity and give reasons to the authorities to shut us down. It is without doubt, that you have to choose your steps in this market very carefully. The whole environment regarding bitcoin is very close to the approach in China, and I think there are still a lot of misunderstandings of bitcoin around, like it’s just a currency for criminals, terrorists, paedophiles, drug-addicts, gamblers, etc.”
You show them Weil! That’s what I really like about the project, its team genuinely cares about bitcoin image. Actually the agitation was so great, that the current chairman of the Vietnamese Bitcoin Foundation was invited to visit the Vietnamese Ministry of Public Security, to enlighten the latter about certain aspects of the coin.
Like a Second Home
That’s what Weil thinks of Vietnam, and the reason he is so invested in this project both financially and emotionally. This, in turn, was nurtured by his wife,who was born In Vietnam. It is known that she also has something to do with the whole startup thing, but the extent of her involvement is unknown.
In Weil’s opinion Vietnam is the promised land for bitcoin enterprises, due to the fact that it’s dynamically evolving. In other words, where West need to break down the traditional systems which are old but homely, Vietnam can set the new foundation with new tech already in mind.
To educate “tenants” of his second home Weil will maintain a blog that would be a window into the world of bitcoin for Vietnamese people.
Hope for the Future
Seems like the country is doing OK and local bitcoin organization are in good hands. People and government are interested in cryptos and this year, a bitcoin conference will be held in Vietnam, for the first time ever. The event is planned on the 23rd of May.