American who spent 2016-2020 in Vietnam. Banking is atrocious there. Imagine only having about $1500 worth of FDIC insurance and the banks regularly go belly up

American who spent 2016-2020 in Vietnam. Banking is atrocious there. Imagine only having about $1500 worth of FDIC insurance and the banks regularly go belly up because of corruption and making bad investments in property. Crypto is big in Vietnam, entirely as a cultural thing. They love games and they love finding creative ways to make money. They really got scammed well in the ICO days. DeFi didn't get big because they were still butt hurt from ICO days and because well, they don't understand the concepts in DeFi. Collateralized loans and providing liquidity just went over most people's heads. That said, there are a lot of unbanked people there. Women in the north still put gold fillings in their teeth to store wealth "safely". They also have great inexpensive 4/5G everywhere and smart phones. There is a huge younger generation. Most people use cash and the largest paper(plastic) note there is about $22, which makes larger purchases a struggle. It is ripe for innovation and digital P2P payments. The huge blocker is the government, which will need to be in control of all of this. Otherwise it'll all be black market dealing.