Vietnam has approved a ban on the import of mining equipment


Vietnam has approved a ban on the import of mining equipment

After several months of deliberation, the Vietnamese government approved the ban on the import of equipment for mining digital currencies.

The citizens of Vietnam and local companies have stopped import of mining equipment in accordance with the order of the customs service of Ho Chi Minh city in early July. According to representatives of Department, in the first half of 2018, the country imported 3 664 device for mining, 3 000 of which occurred in the four companies, while other devices are imported by private individuals and companies have not provided your tax code. Most devices have been miners, Antminer, the production of which involved a Chinese company Bitmain.

For the first time to impose a ban on the importation of equipment for mining, the Ministry of Finance of Viet Nam proposed in June, after local authorities decided to strengthen control over the cryptocurrency sector on the backdrop of the spread of fraudulent schemes. In April, the information appeared that ICO Pincoin and Ifan appropriated a total of $ 660 million, which belonged to Vietnamese investors. In the same month, the Vietnamese authorities decided to strengthen measures to regulate the cryptocurrency sphere.

Then the Ministry of Finance has demanded from state structures to strengthen control over the import and use of mining equipment. Last month Bank of Viet Nam supported the proposal of the Ministry of Finance.

The ban was proposed because the Treasury is concerned that equipment for mining digital currencies not included in the list of goods prohibited for import or unsafe products.

It is quite difficult to monitor the use of equipment for mining BTC, LTC and other cryptocurrencies. Thus, people can easily utilize the digital currency as a currency or another payment method that is illegal in Vietnam in accordance with the amended decree 101 on non-cash payments.

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