Vietnam to Propel Blockchain Training for Enhanced Competitiveness

To gain an upper hand in the blockchain sector, Vietnam is in high gear to boost human resources in this sector, according to the local media outlet Viet Nam News.

Phạm Văn Huy, CEO of blockchain company MoonLab, pointed out:

“The scarcity of human resources in this field is completely inevitable in both Việt Nam and internationally.”

He added:

“It is extremely difficult to recruit human resources specializing in this field as Blockchain is still quite new and there are no training programs at universities, colleges, or even information technology centers in the country.”

Therefore, Vietnamese engineers and programmers are being encouraged to venture into the blockchain field because they can flexibly switch to internet learning and self exploration. 


For instance, by having adequate personnel trained to create blockchain-based smart contracts, Vietnam will be in a position to meet market needs.


Huy Nguyen, co-founder of KardiaChain, Blockchain, stated:

“We need to pay more attention to the deep development rather than just the surface one. If it can solve the problems from the root, Việt Nam can easily meet the needs of the market in the next five to 10 years and help Blockchain become a technology widely used here.”

Nguyen added that for Vietnam to be a blockchain hub then personnel training should be undertaken from the bottom level up. 


Businesses, universities, and research centers should also come up with plans to train personnel from the root level. Nguyen stated:

“There should also be good quality short-term blockchain courses for those who intend to change industries, grasp it in a short time, making the peer-to-peer transition more flexible.” 

Meanwhile, experts in Vietnam recently highlighted that raising awareness about blockchain technology through regulatory frameworks, successful applications, and education would heighten adoption.

Image source: Shutterstock


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Raising Blockchain Awareness will Spur More Adoption, Experts Say

Speaking at a blockchain conference dubbed BUIDL VietNam 2022, experts pointed out that raising awareness about this cutting-edge technology through regulatory frameworks, successful applications, and education would heighten adoption. 

Since blockchain technology is mainly explored in the area of finance, the experts noted that diversification was of the essence.


Nguyen Hoang Long, the CTO of blockchain platform Aura Network, stated:

“While blockchain is still an unfamiliar topic to many people, more and more will realize its real benefits and potential when there are more widespread successful applications of the technology.”

Long also proposed that universities should take up the mantle of educating students, even those in non-IT fields on decentralized systems, cryptocurrency, and blockchain because this would propel awareness. He added:

“Many Vietnamese businesses, universities and the government are looking into and testing out blockchain applications in many fields such as traceability and customer loyalty systems.” 

Vietnam has been among the leading adopters of crypto in the world. Mai Duy Quang, a member of the Blockchain Association, pointed out:

“I think Vietnam has a chance to be a pioneer in blockchain technology.” 

On the other hand, Nicole Nguyen, the ASEAN deputy chairwoman of the Global Impact Fintech Forum, stated that blockchain applications and programs needed to have more user-friendly interfaces for enhanced accessibility. 


She added:

“The government should facilitate the development of blockchain programmes, and create regulatory frameworks for the technology. If the tech is acknowledged officially, more people will be more confident in investing in it.” 

Meanwhile, the Vietnam Blockchain Association and crypto exchange Binance collaborated to enhance research and application of blockchain technology and human resource training in Vietnam, Blockchain.News reported. 


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Shiba Inu Prepares NFT Crypto Game Shiba Eternity’s Last Pilot Test in Australia

Shytoshi Kusama, the main developer of Shiba Inu announced that its project’s new game Shiba Eternity is now available for testing by Australian users.

The company, however, said that Australia would be the last testing location for the new crypto game Shiba Eternity. Over the weekend, the team behind Shiba Inu project launched the Shiba Eternity game in Australia. The NFT-based collectable card game went live on the Apple App Store in Australia, with plans to enable downloads via Google Play Store underway.

But Kusama hinted that Australia may be the last test location for Shiba Eternity, a collectable card game (SHIB CCG) of Shiba Inu.

Kusama made the revelations as a response to a Turkish user who wanted to know when Shiba Eternity would be ready for downloads from app stores in their country.

And Kusama responded: “Soon. Next up is the entire world. Let’s show these shadowcats we are a force. We’re on schedule and I’ve said this is our last test location. This time soon is like…. honestly soon.”

Crypto Gaming on Demand

Last month, on August 17, Shiba Inu launched the testing of its NFT-based collectable card game Shiba Eternity in Vietnam. The project had plans to proceed with the beta testing in Indonesia as the next location to make Shiba Eternity available to Indonesian users.

Vietnam was the first region on Shiba Inu’s priority list, perhaps because of the success achieved in the location by the rival NFT online video game Axie Infinity.

On Saturday, the Shiba Inu project announced some changes, disclosing the launch of testing of its card collectable game in Australia. The project said that Australian residents who are SHIBArmy members can download the game on Apple App, with the Google Play Store would soon launch the game.

While the game was under development for several months, the pilot program is a part of efforts to test the game’s functionality ahead of its global release.

In Vietnam’s testing last month, over 3,000 people downloaded the game within a few weeks, thanks to a favourable response. As a result of a large number of downloads, the project’s development team realized that the game’s server capacity needed to be increased by more than 50 times.

Meanwhile, Shiba Inu cryptocurrency is showing a new healthy trend and a short-term rise, and this may be an impact of the next big thing – the Shiba Inu Eternity game. At the time of writing, the dog-themed coin was priced at $0.00001145 with no loss or gain, as per Coin Market Cap.

Crypto games are significantly gaining traction among crypto enthusiasts and upscaling the user count for the crypto landscape. Shiba Inu is introducing a new game in the blockchain gaming industry to fulfil user demands.

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Vietnamese Government Developing Regulatory Framework for Crypto

The Vietnamese government is pushing to develop a legal and regulatory framework as the country seeks to establish its stance concerning its press for a crypto economy.


According to a report by the local news outlet, Vietnamnet, Deputy Prime Minister Le Minh Khai has issued a directive to the Ministries of Finance, Justice, Information and Communications, and the State Bank of Vietnam on building a legal framework for cryptocurrencies and virtual assets in general.

According to the instruction from the Minister, the tagged agencies are expected to explore the various grey areas, documents, and existing policies that need to be amended, supplemented, and promulgated. The call for the development of a regulatory framework for the digital assets ecosystem stems from an earlier push by the Prime Minister, who established, back in 2017, Decision 1255 to approve the project to complete the legal framework for the management and handling of virtual assets, cryptocurrencies, and virtual currencies.

One of the primary goals of the Vietnamese government is to holistically research, identify and classify digital assets based on the peculiarity of the country’s economy and digital landscape. 

Additionally, the report has it that the government sought “to propose specific tasks, jobs and orientations to develop and perfect the law on virtual assets, electronic money, and virtual money to control related risks but not affect the development of IT and e-commerce; and assign responsibilities and an implementation roadmap to relevant ministries and agencies to handle related issues.”

Vietnam’s Positive Disposition to Blockchain Yielding Fruits

Cryptocurrency is growing in Vietnam as much as it proliferates in Asian countries, and thus far, the government has maintained a relatively positive stance on the ecosystem. The government’s interest in the development of the digital currency ecosystem dates back as far as August 2020 when the Ministry of Information and Communications floated an enterprise blockchain platform dubbed akaChain in line with its national program as it hopes to enter the top 50 slots of countries with positive momentum for blockchain technology growth.

Over the years, the efforts have yielded good fruits as miners, and multinational companies have chosen Vietnam for various pilot programs.

Image source: Blockchain.News


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Asian CBDC projects: What are they doing now?

The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat.

Given their capacity to use blockchain technology to facilitate a simplified fiscal policy — not to mention calibrate privacy features and even provide cross-border banking services to the unbanked — CBDCs continue to gain even more attention from various governments worldwide.

Already, surveys show more than 80% of central banks are researching CBDCs, with some working on proofs of concept that could eventually lead to the introduction of fully functional CBDCs. Out of the surveyed central banks, 10% plan to offer a retail version of a CBDC in the next three years, with another 20% set to make the move in under six years. 

In Asia, these efforts have been compounded by China’s release of the world’s first CBDC after setting up a task force as early as 2014. By 2016, the People’s Bank of China (PBoC) had already established a Digital Currency Institute, which developed a prototype CBDC.

Major Asian banks have shown great interest in CBDCs as reports show collaborative efforts by Thailand’s, Hong Kong’s and China’s central banks to create a digital ledger technology (DLT) for a CBDC prototype designed to bridge cross-border gaps. 

In this article, we give you a brief look at some developing CBDC projects on the Asian continent.


China ranks among the world’s top economies to embrace digital currencies with the release of the digital yuan — a CBDC project issued by the PBoC. 

Dubbed the Digital Currency Electronic Payment (DCEP) China’s digital yuan (e-CNY) is set to completely replace cash payments and has been rolled out in the country’s major cities since April 2020. 

China’s DCEP, while sporting some anonymity features, is controlled, tracked and registered on smartphone apps by the Chinese government, giving them the ability to freeze accounts at will. 

Perhaps one of its advantages is the fact that users on China’s DCEP network can reverse or correct erroneous transactions, which is one of the features that is non-existent on decentralized digital currencies like Bitcoin (BTC). 

As China’s CBDC takes shape, various countries (especially the United States) have grown increasingly concerned that the new CBDC initiative will help China tighten increased surveillance on its citizens and private companies. 

The move is also seen as an attempt to supplant the dominance the U.S. dollar enjoys in international trade. Even so, China’s e-CNY remains highly localized with no significant attempts by the Asian nation to take its CBDC international.

Hong Kong

Just recently, the Hong Kong Monetary Authority (HKMA) released a white paper discussing plans to experiment on the benefits of retail CBDCs for the city’s cross-border markets. 

Hong Kong is now governed under a one-country, two-system framework where it maintains its own financial and judicial system separate from mainland China. However, HKMA is working with China’s central bank to explore the infrastructure development of its digital Hong Kong dollar (e-HKD).

According to the white paper, “The architecture proposed in Hong Kong’s e-HKD features a flexible and efficient two-tier distribution model of a CBDC that enabled privacy-preserving transactions, traceability and cross-border synchronizations of ledgers.”

The white paper is the result of CBDC research by Hong Kong’s major financial authority that has been ongoing since 2017 under the aegis of “Project LionRock.” The HKMA considered the opinions of academic and industry experts and plans to conduct more trials to ensure the readiness of both a retail and wholesale CBDC.

South Korea 

South Korea’s latest move towards a CBDC has seen the Bank of Korea (BoK) make calls for a technology partner to help pilot a CBDC program set to run till the end of the year. 

In a report published by BoK in February this year, the central bank announced plans to test and distribute a digital won while outlining the legal challenges that accompany a state-issued digital currency.

Apart from selecting a technology partner to help with the project, BoK has also announced that its CBDC will first operate in a limited test environment in order to analyze the functionality and security of the CBDC.

According to previous remarks by a BoK official, South Korea’s cash transactions are on the decline, and the central bank is only taking steps in preparation “for the expected changes in payment settlement systems [worldwide].”

The Philippines

In the summer of 2020, the central bank began to consider the creation of a CBDC by forming a committee task force to study the issue.

Bangko Sentral ng Pilipinas had confirmed in a virtual briefing that a committee was set up to look into CBDCs. In the briefing, Governor Benjamin Diokno explained that a feasibility test and an evaluation of the policy mechanisms of issuing a CBDC were underway. 

Like most governments and traditional financial institutions, the officials in the Philippine government were not shy to admit to the significance of blockchain technology. Diokno said, “Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.” 

In line with these remarks, the Philippine Bureau of the Treasury, in partnership with the Philippines’ Digital Asset Exchange and UnionBank, had launched a mobile application built on blockchain tech for distributing government-issued treasury bonds.

A few months later, however, saw the Philippines’ central bank reject the possibility of issuing a CBDC any time soon. Citing the need for ongoing research and study, the country’s central bank noted that its CBDC research so far could benefit from looking at established use cases of digital currencies in the private sector as well as other industrial applications.


From as early as 2016, the Monetary Authority of Singapore had been looking into CBDC initiatives and is now seeking commercial partners to help develop the currency.

By setting up challenges and competitions to discover and develop a retail CBDC, Singapore was able to establish a healthy diversity of solutions with the participation of more than 300 individuals.

Singapore’s move to launch a CBDC began as a joint project with an institute dubbed “Project Dunbar” that mainly focused on building an in-house retail CBDC for the country. 

Soon after, the Singaporean central bank announced cash prizes for participants issuing digital currency ideas. Finalists in the challenge included ANZ Banking Group, Standard Chartered Bank, Criteo, Soramitsu and HSB Bank Limited, to mention a few. 

Throughout 2021, the Singaporean authorities have maintained a crypto-friendly stance with approvals given to crypto exchange platforms to operate similar to other digital payment token services. 


Cambodia’s “Project Bakong” is probably one of the few fully operational retail CBDCs out there. The country’s blockchain-enabled money transfer project was originally launched in October 2020.

By June 2021, the project was reported to have amassed over 200,000 users with an overall indirect outreach of over five million users. What’s more, the first half of 2021 saw Cambodia’s CBDC project hit a transactional throughput of 1.4 million transactions valued at $500 million. 

Developed on a hyper ledger platform, the Cambodian CBDC features mobile connectivity that allows users to connect to financial institutions and make payments without a centralized clearing entity. 

Apart from the declared goal of using the CBDC to wean off dependence on the U.S. dollar, officials also disclosed that plans are underway to explore a cross-border transaction capability through a partnership with Thailand’s central bank and Malaysia’s largest bank.


In Japan, the country’s central bank joined hands with a group of other seven central banks in October 2020 to publish a report that examined CBDCs. 

Since then, the Bank of Japan (BoJ) has begun a proof-of-concept to test the core CBDC functions. While the testing phase was scheduled to end by March this year, officials from Japan’s panel on digital currencies have said that the digital yen should be compatible with other CBDCs and that the BoJ is still ironing out its key functions.

An offline capability of the CBDC is one of Japan’s core considerations as it strives to establish a digital currency that is resilient to disruption given Japan’s vulnerability to natural disasters, earthquakes, floods and tsunamis. 

At the start of 2020, Japan’s parliamentary vice-minister for foreign affairs said that Japan’s digital currency could be a joint venture with public and private partners to align Japan’s goal with global changes in fintech.


Since 2019, Thailand has joined forces with Hong Kong’s HKMA to test the use of a CBDC that would be used in cross-border payments between financial institutions in both countries. 

According to a press release by the Bank of Thailand, “The development of a CBDC is a key milestone with the potential to alter the financial infrastructure and ultimately the financial landscape which could cause many changes in the roles of many stakeholders.”

Similar to other CBDC initiatives, the Bank of Thailand will seek out consultations and feedback with the general public as well as with the private and public sector on the “development and issuance of retail CBDC.”

The Bank of Thailand plans to start pilot tests for the usage of its CBDC in the second quarter of 2022.


Previously, the Vietnamese government had requested the State Bank of Vietnam to investigate blockchain-based currencies. It appears that Vietnam has joined the growing list of jurisdictions looking into CBDCs despite its previous harsh stance on cryptocurrencies. 

In May 2020, the country’s ministry of finance announced plans to research and formulate a regulatory law for the crypto industry, even as the country experienced high levels of growth in digital currencies. 

In July, the Vietnamese government decided to investigate CBDCs with plans to issue a pilot CBDC, given its utility for a small country in a global financial system that is dominated by the U.S. dollar.