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.”

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $155.74B $8,786.5128 9.84% $8.88B
ETH $28.59B $269.1433 7.86% $3.25B
XRP $17.4B $0.4132 8.24% $786.15M
BCH $7.75B $435.0257 7.52% $588.94M
LTC $7.12B $114.9309 13.28% $1.44B
EOS $6.61B $7.2345 14.21% $1.16B
BNB $4.84B $34.2554 2.27% $341.53M
USDT $3.09B $1.0030 -0.10% $8.03B
XLM $2.6B $0.1347 9.00% $75.7M
ADA $2.25B $0.0868 8.64% $94.44M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here