Cryptocurrency Mining Hardware Imports to be Banned by Vietnam MoF

There are always constant developments in the crypto industry and one of the latest ones has to do with a move made by Vietnam’s Ministry of Finance (Ministry). The Ministry proposed temporarily banning all imports of crypto mining hardware into the country, according to local news outlet VN Express.

The Ministry made the proposal this week, after allegations concerning a crypto mining hardware surfaced. The allegation stated that the hardware may be able to launch new digital currencies that are challenging to regulate, thereby preventing them from coming under the purview of the ministry.

Several figures cited by the Ministry show that in the first four months of 2018, there have been over 6,300 cryptocurrency mining projects imported into the country. This is a significant increase, especially when one notes that in 2017, there were a total of 9,300 rigs over the course of the entire year. Comparatively, 2018 is far ahead.

Additionally, aside from temporarily banning the import of mining hardware, the government has taken a stricter stance toward cryptocurrencies. This is in light of several factors, including an allegation of a $660 million scam involving two ICOs perpetrated by a Vietnam-based platform. If there is any merit to the allegation, then the scam is poised to be one of the largest cryptocurrency frauds until now.

A few months ago, Vietnam’s prime minister stated that the government and financial bodies must toughen the “management of activities related to Bitcoin and other cryptocurrencies,” due to the evolution of crypto investments into a “more complicated manner.”

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