Vietnam c.bank agrees to suspend importing cryptocurrency mining rigs
Cryptocurrency mining rigs could be exploited for launching new currencies or a new form of payment, the Vietnamese Ministry of Finance (MoF) warned.
The State Bank of Vietnam (SBV) has said it agreed with the proposal of the Ministry of Industry and Trade (MoIT) to suspend importing cryptocurrency mining rigs.
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In May, the MoF proposed a temporary ban on the import of mining rigs, citing the exploitation of those machines for launching new currencies or a new form of payments as reason.
Mining rigs currently are not included in the list of goods banned from import, said the MoF, however, using cryptocurrencies as means of payment is prohibited.
"As of January 1, 2018, the act of issuing, providing, and using illegal means of payment (including Bitcoin and other cryotocurrencies) may be subject to criminal prosecution in accordance with the provisions of Article 206 of the Penal Code 2015," the State Bank of Vietnam said in a statement released last October.
The ministry referred to the allegedly fraudulent initial coin offering (ICO) of Ifan and Pincoin cryptocurrency in April, when 32,000 people lost VND15 trillion (US$658 million) in "Vietnam's largest cryptocurrency fraud". To avoid similar cases, it is thus required to have stricter regulation on the import and use of these types of machinery.
Prime Minister Nguyen Xuan Phuc in early April urged greater vigilance against cryptocurrency transaction and investment. In a directive, the PM requested the State Bank of Vietnam (SBV), the Ministry of Public Security and other bodies to tighten the "management of activities related to Bitcoin and other cryptocurrencies."
In 2017, more than 9,300 rigs were imported into Vietnam, of which 2,300 machines were imported to Hanoi and some 7,000 to Ho Chi Minh City and Danang, according to the General Department of Vietnam Customs.
The number of mining rigs to Vietnam in the first four months soared to over 6,300, mainly to Hanoi and Ho Chi Minh City.
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