Suspended imports of cryptomineral materials in Vietnam

The country, known for its total mistrust of digital currencies, is currently trying to restrict the spread of cryptocurrency equipment. For the sake of compliance with the applicable law, the State Bank of Vietnam granted a suspension of imports of mining equipment .

A regulatory dilemma

The use of cryptocurrencies as a means of payment is already prohibited in the country, the Vietnamese central bank would have agreed in addition to suspend imports from mining devices.

According to Viet Nam News, this decision amply responds to a proposal from the Ministry of Industry and Trade last month.

There was some regulatory contradiction as local authorities have difficulty enforcing virtual currency restrictions in view of the acceptance of imported mining equipment.

A recent $ 660 million fraud in the country also prompted the ministry to react immediately.

The General Customs Department of Vietnam reported the import of more than 6,300 integrated circuits (ASIC) around the mining of cryptocurrencies such as Bitcoin and Ethereum over a period of 4 months.

More than 9,300 mining platforms have moved to the country in 2017. Most of them are located in Ho Chi Minh City and Hanoi.

Regulate cryptocurrencies

Nguyen Xuan Phuc, the Vietnamese prime minister, asked that the central bank, the Ministry of Finance and the Ministry of Public Security develop a legal framework governing cryptocurrencies.

In addition, the State Bank of Vietnam believes that Bitcoin and altcoins do not have the qualities required to become a legal means of payment.

The law came into effect earlier this year. It includes fines of up to $ 9,000 for all who use digital currencies as a method of payment.

What do you think of the impending suspension of imports of cryptocurrency equipment in Vietnam? Tell us in the comments below.