Vietnam is one of the fastest-growing economies in the world.
But its currency, the Dong, devalues 3-5% per year to support its export-oriented growth.
When the price of gold rises, Vietnamese people queue for hours to buy more.
Vietnam is fourth in global crypto adoption, with volumes around $200 billion, and the government just banned global exchanges from operating in the country.
What's going on here?
In this episode, we head to Ho Chi Minh City, Vietnam, to explore this gap between the headlines and the realities on the ground.
In this episode of Money Trails, presented by the Stellar Development Foundation, we’re joined by Khoa Do from AlphaTrue and Basal Pay.
00:00 - Why is everyone here queuing for gold?
00:50 - Welcome to Ho Chi Minh City
01:38 - My freelancer asked to be paid in stablecoins
03:00 - Buying gold in Vietnam
03:50 - Vietnam's history of inflation
04:58 - Vietnam's economy today
06:40 - Why is crypto adoption so high?
08:35 - Vietnam's crypto regulation
09:46 - Vietnam's gold monopoly
10:26 - New use cases for stablecoins in Vietnam
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