Vietnam’s State Bank Wants to Ban Crypto-Mining Hardware

As per recent reports, the SVB has recently backed a new proposal aimed at banning any cryptocurrency mining equipment imported into the country. The ban comes as means of ensuring that its cryptocurrency economy remains under its official regulations. The application was filed by Vietnam’s 4MoIT following an announcement by the central bank forbade the use of any cryptocurrencies and considers them an illegal payment method.

Mining and Miners

Vietnam’s digital currency industry has been suffering under the countries regulations and governmental decisions. In October of 2017, the SVB published an official report stating that Bitcoin and digital currencies are not considered as legitimate payment methods. Those using cryptocurrencies following the report were also exposed to several criminal charges. 

Last month, the finance ministry proposed an additional ban, one targeting crypto-mining devices from being imported into the country. Recently, a local news outlet that the SVB firmly stands behind the newly proposed ban. The MoIT and central bank are adamant that imported hardware is providing further challenges to the government in terms of regulating digital coins. If that wasn’t enough, Vietnam's PM inked an agreement to add even more regulations. 

A Result of Crime

Vietnam’s strict regulations are a result of crypto-scams and the country’s initiative against it. After the country’s biggest case involving cryptocurrency fraud and resulted in more than 30000 victims, the country has continued enforcing strict regulations to find a point of balance. 

Banning mining machines from being imported into Vietnam is firmly backed by authorities as part of a strong belief that the ban will aid in protection local individuals pending a permanent decision and solution for regulations. More than 15000 mining rigs are believed to have been imported since 2017. 

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