Saturday, May 30, 2020

Vietnam Will Launch Its First Cryptocurrency Exchange Soon

KRONN Ventures AG, a Switzerland-based blockchain company has signed a memorandum of understanding with Linh Thanh Group, the largest distribution company in Vietnam. Their collaboration will lead to the launch of a cryptocurrency exchange and production of a virtual asset, according to a media report on March 24.

KRONN Ventures and Linh Thanh Group Sign MoU

Per the report, KRONN Ventures AG and Linh Thanh Group have signed an MoU in order to launch a cryptocurrency exchange in Vietnam. License for the exchange has been obtained, which will make it the first authorized exchange to be launched in the region. Both companies also intend to produce a cryptocurrency which is believed to be a native asset of the exchange.

Prior to KRONN’s partnership with Linh Thanh, the blockchain company in October 2018 had formed an association with financial committees based in Cambodia, Bangladesh, Philippines, and Sri Lanka. Its intention was to establish a blockchain-based international payments wiring system in Asia and so far, the first to have adopted the system is Vietnam.

News About Partnership Causes a Wave of Excitement

The news about the partnership has received a wave of excitement among cryptocurrency enthusiasts given that both companies are reputable in their niche which may have a significant impact in Asia. KRONN Ventures has collaborated in the past with King’s College in London, a partnership targeted at AI research facility.

Linh Thanh Group, on the other hand, reportedly has the largest distribution network in Vietnam. While commenting on the development, the distribution company stated that working alongside KRONN Ventures can bring about the launch of a world-class cryptocurrency exchange.

Vietnam Makes an Attempt to Adopt Blockchain Technology

It is also nice to see countries like Vietnam make an attempt to adopt blockchain, the technology backing cryptocurrencies. On July 27, 2018, BTCNN reported that Vietnam’s regulators are trying to hinder a number of companies from participating in cryptocurrency-related activities.

BTCNN also informed on July 20, 2018, that the Southeast Asian country has agreed to temporarily ban the importation of cryptocurrency devices. Some devices that were outlined are GPUs which aid in mining cryptocurrency. Nonetheless, the country still allowed the importation of these items after the ministry of finance outlined that it will be difficult to place limitations on crypto activities in the country.

Cambodia, on the other hand, BlocRice intends to use blockchain technology to enable farmers in the region to make more profit. The company outlined that these are farmers are the primary producers of rice, however, they are not duly rewarded for their efforts.

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