Vietnam's Central Bank Bans import on Crypto-Mining Machines

With blockchain and cryptocurrency hype growing strong day-by-day still, there are few countries who think its usage as illegal. In this direction, the Central Bank of Vietnam has officially approved for ban request on the mining machine. 

The State Bank of Vietnam made a public statement in last year that ‘usage of cryptocurrency is not lawful means of payment’  and also any attempt to use the digital currency will be subjected to legal action.

As reported on local media, the Central Bank of Vietnam has given the green signal for banning mining machines in the interest of avoiding future scams and protecting the citizens of the country.  This proposition was filed by the  Ministry of Industry and Trade(MoIT) and the Ministry of Finance(MoF). Although the request included a temporary ban on the import, we are not sure if the official might eventually lift the ban.

As highlighted in the media reports, this amendment came through with an intention to handle the cryptocurrency usage in the country.

“The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Việt Nam”

Also, the Ministry of Finance(MoF) sited about the incident where almost 32,000 people were looted in  Modern Tech Corp cryptocurrency fraud case. In the purview of this MoF requested for a temporary ban on mining rigs.

Furthermore, the statistics of the General Department of Customs of the country shows that around 15,600 mining machines were imported. Certainly, this alarming number only catalyzed the Central Bank officials to go ahead with the ban.

So readers, what do you think of this ban imposed on mining machines by Vietnam? Will they come up with required regulation and lift the imposed ban? Let us know your thoughts in the comment section below