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Imports of Cryptocurrency Mining Equipment Suspended in Vietnam

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According to the local news agency in Vietnam called Viet Nam News, July 19th saw the announcement by the Vietnamese central bank the State Bank of Vietnam that they will be placing a band on the imports of all cryptocurrency mining hardware effective immediately.

This is not a surprising move to a lot of people in the country as it comes in the light of the Ministry of Industry and Trade suggesting a temporary ban on imports of cryptocurrency mining hardware. Their proposal came because of the exceedingly overwhelming volume of hardware being brought into the country through Ho Chi Minh, Da Nang and Hanoi was almost 160,000 units from last year up until April of 2018.

Trinh Dinh Dung, the Deputy Prime Minister had asked the Ministry of Industry and Trade, the Ministry of Finance and the State Bank of Vietnam to get a statistical study done on the imports of cryptocurrency mining hardware based on the regulations they had in place at the time. The Deputy Prime Minister asked them to provide suggestions and guidance based on what they found.

The Viet Nam News reported that the suspension of imports of cryptocurrency mining hardware imposed by the country is aiming to improve the flow of currency within the country. The use of cryptocurrency mining equipment makes the process too complex. This ban is also part of the country’s efforts to make sure that the cryptocurrencies do not become an alternative means of transaction in the country to their traditional fiat currency. This is also actually why the use of cryptocurrencies for transactional activities was declared illegal in the country last year.

The Ministry of Finance in Vietnam also proposed a temporary ban on imports of cryptocurrency mining hardware back in June because of the fact that the cryptocurrencies being mined made it difficult for them to regulate the increasing flow of the digital assets. The proposal by the Ministry of Finance in Vietnam was based more on the protection of citizens from cryptocurrency scams. Considering the fact that there was a scam worth an alleged value of over $650 million taking place in April, it is not so surprising that regulatory bodies have sprung into action in Vietnam. The two ICOs involved in the cryptocurrency scam were both headed by an outfit based in Vietnam.

Vietnam is looking to poise itself better so that it can get the cryptocurrency revolution under control before it gets out of their hands.