Let's talk about Vietnam and cryptocurrency payments there. As mentioned earlier, I frequently visit Vietnam because I'm very optimistic about its cryptocurrency market and have even tried investing there. I believe Vietnam is likely to become one of the most cryptocurrency-friendly countries in Southeast Asia, mainly for the following reasons: 1. Vietnam is a socialist country with a highly centralized political system and a highly market-oriented economy. This means that government-announced policies are relatively straightforward and easily implemented nationwide. Furthermore, there are no ideological barriers to the practical operation of Vietnam's private economy, foreign investment, internet companies, and financial innovation. The government focuses more on growth, employment, export capacity, and industrial upgrading than on the "purity of ownership forms." 2. From a regulatory perspective, Vietnam's real concern isn't about cryptocurrency technology itself, nor about crypto assets as a new technological vehicle, but rather the risks of uncontrollable financial speculation, illegal fundraising, and capital flight. This creates greater potential for application-oriented blockchain projects in areas such as payments, gaming, content, social networking, cross-border settlements, and digital identity. 3. Vietnam has a very young population with extremely high internet and smartphone penetration rates, making it far more receptive to new technologies and financial instruments than many developing countries. Meanwhile, due to the incomplete coverage of the traditional financial system, a large number of young users naturally possess the need and ability to bypass the traditional system. This allows crypto wallets, stablecoins, and on-chain payments to have real-world use cases, not just assets on exchanges. 4. Unlike financial centers like Singapore and Hong Kong, Vietnam is not in a hurry to establish a complete, sophisticated, and internationally benchmarked crypto regulatory system. Instead, a more realistic approach is to allow the market to develop, implement, and scale up first, without touching systemic financial risks, and then gradually supplement regulations as problems arise. While this approach may seem "uncertain" in the short term, it is actually a more favorable environment for projects that are truly focused on long-term applications and real business. Less than 50% of adults in Vietnam own bank cards, and credit card penetration is only 5%. However, this does not mean a lack of financial demand; on the contrary, it directly reflects the long-term absence of the traditional financial system on the individual level. In Vietnam, many young people have stable incomes, cross-border consumption needs, and online entertainment needs, but they struggle to obtain credit cards or sufficient credit limits. The banking system is more inclined to serve businesses and large projects. This "credit gap" hasn't suppressed demand; instead, it has spilled over into e-wallets, prepaid accounts, and cash-like instruments. In this context, crypto wallets, stablecoin accounts, and on-chain settlement tools are more easily perceived by users as functional financial infrastructure rather than high-barrier investment products. For many Vietnamese users, cryptocurrency solves the most basic payment problem. Furthermore, the Vietnamese dong has been depreciating for a long time, making cash feel unpleasant. Vietnam's payment system is also quite complex; while large shopping malls accept credit cards, many restaurants and vendors don't. This is precisely because credit card penetration is too low and costs too high, leading to low merchant acceptance of credit cards. So, what are the prospects for cryptocurrency payments in Vietnam now? Unfortunately, due to the low credit card penetration rate in Vietnam, cryptocurrency payments, also known as U-cards, are not readily accepted. Most U-cards are essentially VISA or MasterCards, and if international credit cards are unusable, these U-cards won't work either. In Vietnam, Kitty (@CatoKt4) always has to bring four or five cards to pay, swiping each one individually to see which one will accept the payment. The worst part is that Kitty always tries to pay, but often it fails, which I often tease her about. Actually, in the last two years, payment methods in Vietnam have become increasingly similar to those in China. While WeChat Pay and Alipay are prevalent in China, Vietnam is similar (as is Singapore). Payments are mostly made by scanning QR codes on bank cards. Therefore, cash usage is decreasing in Vietnam, and QR code payments have become the most common payment method. Especially when you start using Zalo, scanning QR codes is completely unavoidable. It's similar to how WeChat Pay is difficult to skip in China; Zalo's position in Vietnam is analogous to WeChat in China. Although you can link credit or debit cards, none of the U-cards I tested could be linked or used for payments. Zalo primarily supports Vietnamese cards, and currently, very few mainstream U-cards are issued by Vietnamese banks. Even scanning QR codes isn't without limitations. For example, VIETQR, the most common payment method in Vietnam, has a transaction limit of approximately 12.77 million VND per transaction (around 3,800 RMB or 550 USD). While multiple payments are allowed, there's a monthly spending limit of about 80 million VND (around 24,000 RMB or 3,500 USD). This limit should be sufficient for short-term tourism, but exceeding it could lead to problems. I encountered this problem last time I visited. Because I was hosting a large group of friends, we couldn't pay the bill after dinner. I rarely carry Vietnamese Dong cash, given its significant devaluation. It was a real headache in this situation. Luckily, Kitty was with me, and she quickly registered an account that supports QR code payments, which solved the problem. Therefore, I personally believe that if a cryptocurrency payment channel can integrate into Vietnam's QR code payment system and bypass transaction limits (no KYC), it has a significant opportunity to enter the Vietnamese market. The more open Vietnam is to cryptocurrencies, the more popular cryptocurrency payments will become. I'm not sure about other places, but USDT is increasingly being used in Ho Chi Minh City.