Vietnam’s remittance market needs Bitcoin

Vietnam’s largest bitcoin exchange, VBTC, recently re-listed on BlinkTrade ’s bitcoin trading platform. The exchange is targeting Vietnam’s $ 14 billion remittance market and promises international remittances to Vietnam in just one hour, in addition to cash withdrawals at thousands of pickup locations across Vietnam.

VBTC is a Bitcoin startup in Vietnam that is currently targeting the unbanked population . The company has more than 9,200 outlets in Vietnam where its users will be able to deposit and withdraw cash.

Additionally, authenticated VBTC users will be able to enjoy immediate Bitcoin deposits to conduct transactions without having to keep the funds in their VBTC accounts.

　The deposit funds will be “cold stored” in a multi-signature wallet

VBTC said that the company takes security very seriously. The company will "cold store" the deposited funds in a multi-signature wallet signed by Bitcoin Vietnam , BlinkTrade and BitGo . If the funds are to be unfrozen, at least two of them must sign, and BitGo guarantees up to $ 250,000 for their own security errors .

Duminic Weil, co-founder of Bitcoin Vietnam , said customers around the world can send money to their loved ones in Vietnam in less than an hour. The exchange can accept Bitcoin from the sender and convert it into the recipient's local currency, and the recipient can withdraw the funds using Vietnam's national network.

VBTC allows us to process Bitcoin remittances in Vietnam in a fast and competitively priced way. In an ideal world, you can send money to your loved ones in Vietnam in less than an hour (from the time you send Bitcoin to us to the time the recipient in Vietnam gets the cash). Weil said in a press release that they have been able to achieve such a remittance service.

　The best remittance market still has problems

According to the company, Vietnam ranks among the top 10 countries in the world in terms of receiving U.S. dollar remittances, with remittances estimated to reach $ 13 billion to $14 billion in 2015 .

Although the central bank reminded that although Bitcoin is not banned in Vietnam, Bitcoin payments or deposits are not protected by law. Vietnam Bitcoin said that its company is discussing with the government to formulate rules for the use of Bitcoin in Vietnam and will comply with KYC/AML international standards.

New York-based BlinkTrade will add Vietnam Bitcoin to its existing Bitcoin exchange network, which currently covers countries such as Brazil, Venezuela, Chile and Pakistan. BlinkTrade is also currently working to establish cooperation between US remittance companies and BlinkTrade exchanges to reduce remittance costs and increase remittance speed.