Vietnam is coming close to a sweeping move to – momentarily – stop the import of ASIC cryptocurrency mining tools after the central bank authorised the suggested plan.
SBV (The State Bank of Vietnam) the country’s central bank, is in a compromised alliance with the governments ministry proposal to append imports of cryptocurrency miners, local publication Vietnam News reported on Thursday.
Reported previously, the prospective blanked ban was first initiated by Vietnam’s Ministry of Finance (MoF) last month and was finally delivered by the Ministry of Industry and Trade (MoIT) is an authoritative letter. At the time, the MoF displayed the absence of crypto mining hardware from the directory of goods banned from importation, insisting it was hard to put any restrictions on crypto activity.
The higher volume of scrutiny by Vietnamese government into the cryptocurrency branch is seemingly a explicit repercussion of a nationwide ICO-related fraud that supposedly bamboozled 32,000 domestic investors out of an whopping $660 million.
The acerbity of the fallout led to Vietnam’s prime minister requesting six government ministries, including the MoF, and the central back to interrogate the alleged scam. Under its command, the MoF disputed ‘it requires State management agencies to take rigorous control measures with the import and use of this [crypto mining] commodity’, per the report. As a result, the MoF suggested the temporary suspension to ban the import of crypto currency miners.
Looking at the figures from Vietnam Customs, they show over 9,400 application-specific integrated circuit (ASIC) devices were imported into Vietnam in 2017, As of April 2018, Vietnamese nationals acquired import for 6,500 rigs, principally into Ho Chi Minh City and Hanoi, sourced from a local report.
Vietnam was first thought to be arranging legislation to legalize cryptocurrencies in mid-2017. However, this bill did not pass.
Alternately, the central bank moved to outlaw cryptocurrencies for payments by protesting to add it into the default bill of approved non-cash payment arrangements in October 2017. Those laws came into effect at the turn of 2018, wherein adopters of cryptocurrencies are also under the hazard of prosecution and fines between VND 150 million and 200 million [approx. $8,900].
ASIC miner image from Shutterstock.
Follow us on Telegram or subscribe to our newsletter here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.