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Vietnam Bans the Import of Crypto Mining Equipments

Jake Hill
Jake Hill

Vietnam bans the import of cryptocurrency mining equipment. This was declared by Vietnam’s Ministry of Finance. Since this past few year’s crypto mining equipments are easily imported into Vietnam. This ban arises due to the various significant crypto fraud cases in Vietnam.

The ministry summarized in its own report which the usage of mining equipment for both Bitcoin, Litecoin as well as also different cryptocurrencies from the nation is problematic for its ability to handle. The ministry stated that protecting the Vietnamese people from scams that are similar later on “requires state control agencies to carry strict control measures together with the import and application of this product ” The Vnexpress published:

To prevent other possible events, in the immediate future, the Ministry of Finance proposed to apply the import suspension measures for the above types of mining equipment.

From the newly published report comprising the remarks of the ministries active with the managing of both Bitcoin and other cryptocurrencies from Vietnam. The state’s Ministry of Finance proposes suspending the importation of mining equipment, based on local press. This report, Document 5964 / BTC-TCHQ, was filed to the nation’s prime minister.

Zing.vn book elaborated:

According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures.

This past year, more than 9,300 mining equipment was brought to Vietnam. And over 6,300 mining equipment was imported from the first 4 weeks of the past year.

cryptoCrypto Miningvietnam

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com