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Crypto-mining Hardware Import Halted By Vietnam State Bank

As per reports, Vietnam's central bank, the SBV has stated that cryptocurrency mining equipment will be temporarily banned from import into the country.


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Following a request submitted by the MoIT in Vietnam, a momentary suspension of any crypto-mining hardware imports. The number of mining machines imported has also been reported to be over 15000 rigs since last year until this April. Hanoi, Da Nang, and Ho Chi Minh saw the import of most of the machines.


Trinh Dinh Dung, Vietnam’s current DPM, turned the ministry, the reserve bank and the MoF towards researching the consistent import of digital mining machines in regards to their regulations and create a guideline to their management.


As a news publication has recently stated, the temporary ban is meant to regulate and provide enhanced supervision of Vietnam’s currency flow given the difficulty that crypto-mining rigs provide. The ban also aims at enforcing the ban on cryptocurrencies issued last year as a means of stopping digital coins from performing as alternate payment methods besides the country’s native currency.

Proposal


The MoF submitted the official request for a momentary ban on mining hardware last month, stating that plans to regulate newly hashed cryptocurrencies were incredibly difficult. After a scam in April resulted in a massive loss of $660 million, the Ministry aims to use the temporary ban as protective measures for the country to avoid further possible scams related to crypto.


Earlier this year, Hanoi’s DoIT officially banned the use of Bitcoin and any other digital currency to facilitate online transactions by companies and individual investors operating within e-commerce.




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