Vietnam Might Ban The Import Of Cryptocurrency Mining Rigs

Jul 20, 2018 at 07:52 Update Date :Jul 20, 2018 at 07:52 UTC

According to local news, the national central bank of Vietnam, State Bank of Vietnam (SBV), has prepared to suspend imports of cryptocurrency mining equipment.

The Ministry of Industry and Trade (MoIT) had already been upfront in banning the use of cryptocurrencies for payments in its regions, making this another step against the blockchain industry. The authority perceives it as an important step to improvise the management of currency transactions.

During the announcement, the spokesman stated that because the mining rigs are not banned from importation and are not subjected to the list of unsafe goods or specialised management, organisations are easily able to import such machines, thus making it difficult for the local authorities to enforce restrictions on cryptocurrencies as people could simply mine Bitcoin, Litecoin and other digital tokens at their homes.

It all started with the Deputy Prime Minister directing the MoIT, the central bank and the MoF to study the importation of mining machines based on the current regulations.

The Ministry of Finance (MoF) in May, stated that the cryptocurrencies should be banned, maybe temporarily, due to fraud cases. The ministry referred to the case of Modern Tech Corp, which has been accused of snaring around 32,000 people for about $656 million via its cryptocurrency investment models, Ifan and Pincoin

According to the government, protecting people from similar frauds in the future requires local authorities to monitor and take strict control measures for the use and import of such mining machines.

By the first four months of 2018, the country has imported more than 6,300 ASIC miners to mine Bitcoin. The government estimates that around 9,300 miners in the country at present have mostly imported the rigs to Ho Chi Minh City and Hanoi, the capital.

Presently, it is hard to forecast any end on the ban of cryptos. However, with countries like South Korea taking measures to regulate cryptocurrencies and its exchanges and several asset management organisations like BlackRock studying the tokens, it is expected that the country might also think of enabling the regulated use of cryptocurrencies.

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