Bitcoin Mining Installations Can Be Banned In Vietnam

There has appeared news of another cryptocurrency ban which this time were discussed in Vietnam. The Ministry of Finance of the country proposes to introduce a ban on the import of crypto-currency mining installations. As per the Ministry, these mining installations are utilized to beging unregulated and uncontrolled digital payment approaches.

In April 2018, there was news of ICO fraud worth $ 658 million, which deceived more than 30,000 people. The victims made investments in an organization that promised noticeable incomes from mining the cryptocurrencies as iFan and Pincoin.

Pursuant to the Ministry, the mining installations which are imported into the country are and were used to develop new cryptocurrencies and unregulated payment systems. It is believed that many of these mining enterprises are created to deceive trusting investors. Therefore, the ministry requires a ban on all imports of mining installations to combat the fraud.

The ban follows a directive of the Prime Minister Nguyen Xuan Phuc for tougher regulation of the market. According to the directive, credit organizations in the country cannot simplify the operations with cryptocurrencies. The financial regulators and the Ministry of Justice also take responsibility for guaranteeing that the virtual currency stakeholders comply with the country’s anti-money laundering regulations.

Despite the fact that cryptocurrencies are illegal in the country, Vietnam imports thousands of mining installations annually.

According to the report of the General Department of Vietnam Customs, more than 6,300 mining installations were imported into the country between January and April 2018. A year ago, Vietnam imported neraly 10,000 mining installations .

Saigon, Hanoi, and Da Nang are the principal cryptocurrency mining areas in the country.