Investors, from freelancers in Hanoi to sale officers in HCM City, have poured several million VND to several hundreds of million dong into Coolcat. About VND200 billion (nearly US$9 million) is likely to disappear.
The price for Bitcoin dropped by $11,600 during the past weekend, and many people began to worry about the end of the "uptrend" of Bitcoin. What are Vietnamese investors thinking?
Vietnam ranks second in terms of cryptocurrency use, driven by remittance payments, according to a recent survey by a global provider of market and consumer data Statista.
China this month started testing its sovereign digital currency, the so-called Digital Currency Electronic Payment (DCEP), putting pressure on Vietnam to research cryptocurrency in the context of international integration.