Imports of crypto mining capacities get banned in Vietnam

Posted 13 August, 2018

The Vietnamese authorities have eventually banned supplies of crypto mining equipment to the country.

In Vietnam, local companies and people stopped importing mining capacities in early July following the order of Ho Chi Minh customs service. According to the released data, the H1 imports amounted to 3,664 mining facilities, with 3,000 booked by four companies. The remaining part of the equipment was sourced by the individuals and organizations that did not provide tax code. Most of the supplies were Antminers from China-based Bitmain.

Initially, the ban on mining equipment supplies was proposed in June. That time, Hanoi decided to tighten supervision of the crypto industry dramatically citing active fraud scheme spreading. Specifically, it was detected in spring that ICO Pincoin and Ifan grabbed $660 million of their investors.
Afterwards, the Finance Ministry of Vietnam called for tougher control over imports and use of crypto mining facilities.

Last year, ASIC imports amounted to 9,300 units. For reference, digital coins cannot be used for payments in the country, after the Central Bank refused to classify cryptos as non-fiat payment means, like bills, payment orders and bank cards. The violation of the rules is said to be subject to a fine of up to $9,000.

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