State Bank of Vietnam Agrees to Halt Cryptocurrency Mining Rig Imports

Vietnam Closer To Suspending Imports Of Cryptocurrency Mining Rigs

A local news source from Vietnam has published that the country is closer to banning cryptocurrency miner imports. According to the news source, the State Bank of Vietnam (SBV), which is the central bank of the country, has devised a plan to stop imports from this type to reach the country.

Vietnam Against the Cryptos

The country has already banned the use of cryptocurrencies in its territory as a payment method, so this is only the latest of a set of measures from the government against the blockchain industry. This decision came from the Ministry of Industry and Trade last month and it will be put into effect soon.

At the time of the announcement, the ministry’s spokesman told the media that since the mining rigs for miners were not on the prohibited imports list, it would be very difficult for the local authorities to actually be able to enforce real restrictions on cryptocurrencies as anyone would be able to simply mine them at home at their own leisure.

Cryptocurrencies Being Banned Because Of Fraud Cases

The initial proposal came from the Ministry of Finance in May that argued that cryptocurrencies should be temporarily suspended on the country because of fraud cases. According to the ministry, over $660 million USD was stolen in cryptocurrency-related frauds in the country.

Vietnam has imported more than 6,300 ASIC miner devices to mine Bitcoin in the first four months of 2018. The number of miners to be on the country at this time is estimated to be around the quantity of 9,300 miners. Most of the imports went to Ho Chi Minh City and the national capital Hanoi.

At the moment, there is no prediction for when the ban on cryptos will end on the country. Possibly, as the world starts to crack down on crypto scammers and regulate the trade, Vietnam will allow its citizens to use tokens once more.