Vietnam is a microcosm of the world blockchain stage, ranked eighth globally by cryptocurrency activity with 2.5 million monthly visit counts on global exchanges. Although much of the sector was developed in just the last two years, the country’s involvement with blockchain actually stretches back nearly a decade to the early days of Bitcoin mining, where the community’s fondness for trading and speculation were seeded. Initial successes led to controversy as multi-level marketing schemes found traction by masquerading under Bitcoin’s good reputation. Many were imported from well-funded, global franchises that sought to take advantage of the local market’s appetite for high returns, and lack of experience in consumer protection experience. Last year a marketing company called Modern Tech, promising double-digit monthly returns, disappeared with up to $660 million of investor funds. Along with scandals came arguably Vietnam’s greatest achievement to date. … [Read more...] about Speeding up markets via blockchain
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WEF drives Vietnam to an Industry 4.0 future
The digital disruption of Industry 4.0 brings plenty of opportunities, but also challenges At a recent Industry 4.0 summit in Hanoi, Ousmane Dione, World Bank country director for Vietnam, captivated hundreds of participants by talking about a device – one which is not very special, as it is used by millions of people in the country. “As you sit in the audience, you may even be looking at it right now. You have probably guessed by now, I am referring to our smartphones,” he said. Back in 1983, Dione said, one could only make mobile calls with a Motorola DynaTAC 8000x, which had a height of 33 centimetres and weighed 800 grammes. In contrast, the iPhone 6 weighs about 16 per cent of its distant cousin’s weight from 35 years ago, but is exponentially more useful. For example, he explained, the World Bank is supporting an initiative that allows farmers to use smartphones, paired with an automated sensor in the field, to monitor the level of water in their rice … [Read more...] about WEF drives Vietnam to an Industry 4.0 future
Government News 27/7
NA Vice Chairman wraps up US visit NA Vice Chairman Do Ba Ty (R) meets US friends who have supported Vietnam in its past struggle for national liberation and current nation building cause The Vietnamese National Assembly (NA) will continue providing support for Vietnam’s overseas representative offices, affirmed NA Vice Chairman Do Ba Ty while talking to Vietnamese officials who are working in New York. Ty asked Vietnamese representative offices to update and study the host country’s commercial policies to submit appropriate response to the legislature. He met officials of the Vietnamese permanent mission to the United Nations and Vietnam’s representative offices, as well as correspondents of Vietnam News Agency and Vietnam Television in New York during his working visit to the city from July 26-27. Meeting several US friends, Ty recalled important milestones in the relations between Vietnam and the US. US friends, in turn, made proposals helping Vietnam carry … [Read more...] about Government News 27/7
Fighting money laundering with high technologies
Can you describe what methods criminals typically use to launder money through the financial system? Money laundering is usually described as a three-phase process: placement, layering, and integration. Criminals who make cash from drugs, robberies, or other types of crime will try to get rid of the cash by putting it in the banking system (placement). They will send the money through various transactions within the financial system to disguise the initial placement (layering). Then, they will try to take that money at the end of the process and merge it into their assets (integration). The criminals then get the integrated assets and break the link with their original crime. Here is an example: In many countries, when you deposit $10,000 in cash, the bank will have to report it. So the criminal will deposit separate amounts of $9,000 each in different branches of the bank (placement). The money goes into the criminal’s account, mixes with their own money, and goes through … [Read more...] about Fighting money laundering with high technologies
Social News 5/4 (Hourly Updated)
Twenty-seven more communes and wards this year join family medical practice A health staff member takes blood for testing at An Hòa ward health station in Cần Thơ City’s Ninh Kiều District. Source http://soytecantho.vn The Department of Health in the Mekong Delta city of Cần Thơ this year plans to expand a model of family medical practice clinics to 27 more communes and wards. Family medical practice clinics aim to provide comprehensive and continuous health care services to each local individual and family in order to reduce overcrowding of patients at city or central-level hospitals. These clinics are located at health stations in communes and wards. Each commune or ward has one health station. Cần Thơ aims to equip more than 80 per cent of its 85 health stations with these clinics by 2020. According to Dr Bùi Thị Lệ Phi, the department’s head, the city now has 18 commune-based health stations with family … [Read more...] about Social News 5/4 (Hourly Updated)