The import of cryptocurrency mining equipment has been official propose by the Vietnamese government, precisely the ministry of Finance, for formal restriction. Vietnam currently imports Bitcoin mining rigs easily. Subsequent to the biggest crypto fraud case in Vietnam including more than 32,00 victims and over $656 million, this proposal is conceived by the national government.
A proposal by the Ministry of Finance
According to local media, the ministry of finance proposed suspending mining equipment importation, in the recently issued report involving the views of the ministries included in the management of bitcoin and other cryptocurrencies in Vietnam. This paper has been received by the country’s prime minister, the paper is also called the Document 5964/ BTC-TCHQ. Zin.vn publication detailed
According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subjected to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures. According to newsbitcoin.com.
In addition to the above, the country finds it difficult for the authority to manage the use of mining equipment for bitcoin, litecoin and other cryptocurrencies, the ministry outlined in its report, as reported by newsbitcoin.com. According to the City Economic News Kinhte & Dothi, the ministry noted that it is simpler to utilize the virtual currency or an alternative payment method, as reported by newsbitcoin.com. Zing.vn also elaborated that this is against the “amended government Decree 101 on non-cash payments,” according to newsbitcoin.com.
Most of the mining equipment was imported into Hanoi, Ho Chi Minh City, and Da Nang. From the General Department of Vietnam Customs, the publication also noted that the country imported close to 15,600 mining machines, in 2017 to half of 4/2018. About 6,300 rigs were imported in the first four months of this year, and over 9,300 rigs were imported into Vietnam also.
Contemplating restricting Mining Imports
The case of Modern Tech Corp in Ho Chi Minh City was referred by the ministry also, in which they were alleged of more than VND 15 trillion (USD 656 million) of fraud by over 32,00 people via its Ifan and Pincoin virtual currency investment models, as reported by news.bitcoin.com.
Safeguarding civilians from similar fraudulent activities in the near future “requires states management agencies to take strict control measures with import and use of this commodity,” according to the ministry, as reported by News.bitcoin.com.
The Vnexpress also detail that, “To prevent other possible events, in the immediate future, the Ministry of Finance proposed to apply the import suspension measures for the above types of mining equipment.”
As news.bitcoin.com previously reported, the prime minister of Vietnam had endorsed a directive to strengthen, “the management of activities related to bitcoin and other virtual currencies.”