Vietnam’s Adoption of XRP Payments Fuels Crypto Craze
Highlights:
– South Asia’s cryptocurrency market reached $343.5 million in 2024, with Vietnam leading the way despite legal restrictions.
– Vietnam is seeing a surge in interest in XRP, driven by its fast and affordable cross-border payment solutions.
– Vietnamese and Pakistani users prefer peer-to-peer exchanges for direct trading.
– Vietnam’s Central Bank is considering integrating XRP for cross-border payments, and Ripple’s partnership with TPB Bank will further strengthen the XRP ecosystem.
The global rise of cryptocurrency is transforming financial landscapes worldwide, and South Asia is no exception. In 2024, the revenue of South Asia’s cryptocurrency market soared to an impressive $343.50 million.
According to research by Chainalysis, Vietnam is emerging as the fastest-growing crypto region globally. Despite facing legal restrictions on using virtual currency for financial transactions, Vietnam secured the third spot in the 2023 Global Crypto Adoption rankings, attracting attention within the crypto community.
Yasin Mobarak, a prominent figure in the XRP community, is at the forefront of Vietnam’s crypto wave. Mobarak’s insights shared on Twitter shed light on Vietnam’s increasing interest in XRP, which is the fourth-largest altcoin.
Vietnam’s Central Bank is actively considering integrating XRP for cross-border payments, both domestically and internationally. This move aligns with the region’s rapid adoption of XRP, driven by its promise of faster, more cost-effective, and secure cross-border payment services. Ripple’s recent partnership with TPB Bank, a major player in Vietnam’s banking sector, will further strengthen the entire XRP ecosystem.
In September 2023, SBI Remit, a financial service provider, partnered with Ripple and SBI Ripple to launch international payment services based on XRP in countries like the Philippines, Vietnam, and Indonesia. This partnership was confirmed by SBI Holdings CEO and chair Yoshitaka Kitao on Twitter.
While centralized exchanges dominate in many countries, each region has its unique interests in the crypto space. In the Philippines, a significant 20% of the population engages with crypto sites for gaming and gambling. On the other hand, Vietnam and Pakistan stand out for their citizens’ preference for peer-to-peer exchanges, enabling direct trading between individuals rather than relying on large corporations.
In conclusion, Vietnam’s cryptocurrency market is experiencing significant growth, with XRP gaining traction as a preferred digital asset. The country’s Central Bank’s consideration of integrating XRP for cross-border payments, coupled with Ripple’s partnership with TPB Bank, is expected to further drive the adoption of XRP in Vietnam. Additionally, the preference for peer-to-peer exchanges in Vietnam and Pakistan highlights the unique dynamics of the crypto market in South Asia.