Posted 2 years ago | by Ben Armstrong
Vietnam’s Fiat Currency Listed on Binance P2P Crypto Trading Platform
Major cryptocurrency exchange Binance has added the Vietnamese Dong (VND) to its Peer-to-Peer (P2P) trading platform. While many outside of Asia don't know it, the Vietnamese economy is growing rapidly.
According to a press release shared with Cointelegraph last week, Vietnam-based Binance users can directly purchase and sell major cryptocurrencies by using VND through the latest versions of the Binance P2P mobile app on iOS and Android.
There are four cryptocurrencies are supported, which include Bitcoin (BTC), Ethereum (ETH), major stablecoin Tether (USDT), and Binance’s native cryptocurrency Binance Coin (BNB).
The VND is the Second Fiat Currency on Binance P2P
Binance debuted its P2P trading with the Chinese Yuan in October 2019, which made China become the world’s first jurisdiction to benefit from Binance’s peer-to-peer trading for Bitcoin, Ether, and USDT against its fiat currency.
Even though cryptos remain illegal in China, Binance is working to give Chinese users a way to access a kind of money that isn't controlled by their government.
After the Chinese yuan (CNY), the Vietnamese dong is the second fiat currency added on Binance’s P2P trading platform. The firm has been continued to roll out multiple global fiat onramps for currencies like Indian rupees and Turkish lira.
Binance P2P is available in China and Vietnam now and the service will be gradually expanded to add more countries in 2020.
Changpeng Zhao, Binance CEO said in the press release:
“Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.”
Also, Zhao highlighted Binance’s plans to expand fiat-to-crypto access on Binance for users in over 180 countries in order to achieve its mission of: “freedom of money.”
P2P Trading is Important
As Cointelegraph reported, P2P cryptocurrency exchanges offer direct trading between participants without the need for a trusted third party to process the trades. P2P trading is considered an important aspect of decentralization and is usually operated and maintained exclusively by software.
Also as reported of Cointelegraph, Vietnam is still working on cryptocurrency regulation, there was no legal framework for cryptocurrencies in Vietnam since the end of March 2019.
Previously, Vietnam’s regulators had a negative stance on crypto by suspending the import of cryptocurrency mining hardware as well as banning local companies from multiple crypto-related activities in July 2018.