Bitcoin is expanding in Asia, despite the regressive policies from China and India. Now, Vietnam is going to have its first ever online Bitcoin trading floor which will soon be available for traders. The new development came when Bitcoin Vietnam Company Ltd and Bit2C, a business from Israel, announced on March 25 to establish such an entity.
The two companies announced the opening of the first online Bitcoin trading floor in Vietnam which according to them will be called ‘VBTC’ and will be available by the end of April 2014. Earlier this month, Bitcoin Vietnam started its operations wherein it provides the brokerage service for Bitcoin trade and allows Vietnamese Bitcoin users to buy and sell the digital currency in unlimited quantities.
Bitcoin is gaining acceptance among people despite the fact that the State Bank issued warnings against the risks they may face when trading Bitcoins. The managers at Bitcoin Vietnam are extremely happy that the digital currency is receiving accolades from all those who think Bitcoin are one of the best options for international payments.
Though the State Bank of Vietnam issued warnings against Bitcoin, it is still not illegal and that is what is encouraging Bitcoin Vietnam. According to Nguyen Tran Bao Phuong, Managing Director of Bitcoin Vietnam the rapidly growing economy of Vietnam would be the fertile land for the digital currency to develop and he hopes that the new set up will help in it.
Bitcoin Receiving Popularity among Tech People in Vietnam
To cash in the golden opportunity available for Bitcoin in Vietnam, the organization has entered into close relationships with the big Bitcoin institutions in Germany, Israel, Singapore, the US, etc. Thus, with close coordination, Bitcoin Vietnam promises to provide services with the most advanced technologies that meet the set international standards.
So that there is no objection on its operation and legality, Bitcoin Vietnam pledges to follow strictly all the rules and regulations relating to the use of the Bitcoin in Vietnam. For instance, the organization is complying with the laws set by the authorities related to curbing the attempts money laundering.
The new entity will also be following the laws that require applying anti-money laundering laws such as KYC (know your customer) and AML (anti-money laundering). With the latest initiative, Bitcoiners in Vietnam are going to have one more avenue where they can use their Bitcoin and even gain some profits.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org