Vietnam plans to introduce a ban on imports of equipment for mining cryptocurrency, local media reported on Thursday.
According to Viet Nam News, the State Bank of Vietnam (SBV) — the Central Bank of the country — agreed with the proposed plan to halt imports of specialized mining devices, because the country has banned the use of cryptocurrency as means of payment.
This decision is a response to the proposal of the Ministry of industry and trade (MoIT), launched last month. Then the Ministry said that since devices for cryptocurrency mining are not included in the list of prohibited to import products to local authorities, it is difficult to monitor the implementation of existing restrictions for the cryptocurrency industry.
Shortly before that, in early June, the Ministry of Finance demanded to suspend the import of equipment. In the report of the Ministry of Finance was mentioned a case when controlled Vietnamese company Modern Tech startups and cryptocurrency Ifan Pincoin from Singapore and Dubai was the financial pyramid, which managed to attract more than 15 trillion Singapore dollars (approximately $656 million). As a result of fraud affected more than 32,000 people.
According to the Xinhua last month for the first four months of 2018, Vietnam imported more than 6 300 ASIC-miners are used for cryptocurrency mining. Throughout 2017, more than 9 300 cryptocurrency miners have been imported into the country. Most of the imports went to Ho Chi Minh city and capital Hanoi, the report said, citing figures from the General administration of customs of Vietnam.
According to others the Customs Department, in January 2018 the country had imported 7 932 device for mining — more than the whole of 2017. From 1 January 2018, if you try to use the cryptocurrency as a payment tool, citizens can be fined an amount equivalent to 6 600 – 8 000 dollars, and also subject to criminal prosecution.
In June of this year, the import of equipment for mining was also banned in Venezuela. This step is strongly at odds with the General policy of the country in respect of digital currencies in the first half of the year, Venezuelan President nicolás Maduro claimed that the country became a pioneer in the development of the cryptocurrency industry, and in no time boasted launched in February this year, the state cryptocurrency Petro.