Home Bitcoin Mining Vietnam Set To Suspend The Importation of Crypto Mining Equipment

Vietnam Set To Suspend The Importation of Crypto Mining Equipment

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Crypto mining suspension

According to a report by the Vietnam News on July 19, the Central Bank of Vietnam has revealed it’s support to a proposed plan by the Vietnamese Ministry of Finance to place a suspension on the import of crypto mining equipment.

Trinh Dinh Dung who is the Deputy Prime Minister of Vietnam, has sometime ago directed the Ministry of Industry and Trade (MoIT), the Ministry of Finance, and the State Bank of Vietnam to learn more about how current regulations were affecting crypto mining imports and to offer guidance on how the situation could be improved.

The Suspension Will Give Regulators an Opportunity to Sort Out the Industry

It’s is reported that In 2017 and in the first quarter of 2018, about 15,600 mining units were imported through Hanoi, Ho Chi Ming City, and Da Nang.

The suspension was proposed by the Ministry of Finance as a sort of temporary solution while the country sorts out regulations on cryptocurrencies and how best to protect crypto users from scams.

Regulatory attention on cryptocurrencies has been heightened in the country ever since the revelation of a
$660 million ICO exit scam that took place in the country in April. In May, the Hanoi Department of Industry and Trade prohibited retailers from using Bitcoin or any other cryptocurrencies in online transactions.

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