By Prof. Dr. Andreas Stoffers – Country director, Friedrich Naumann Foundation Vietnam Remittances, which are made by many Vietnamese abroad, are likely to play a significant role in this. But the gigantic profits that have been made with cryptocurrencies in the last 12 months are also likely to attract more and more Vietnamese investors and "amateur investors". People do not want to miss out on getting rich. But is it really that simple? And what is the legal situation in Vietnam? The history of cryptocurrencies goes back to 2008 when the "Bitcoin" was created. The inventor's name is still not known today, as he or a group appeared under the pseudonym Satoshi Nakamoto. Bitcoin, or BTC, was the first digital currency ever and is still by far the best-known cryptocoin worldwide with the highest market capitalisation. The first idea of a digital currency based on cryptography dates back to the end of the last millennium. At that time, Nick Szabo published his ideas for a purely digital currency and spoke in this context of "bit gold". After the introduction of the Bitcoin, it took two more years until another cryptocurrency was developed with the Litecoin in 2011. In total, there… Read full this story
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