Import Of Cryptocurrency Mining Machines Can Be Prohibited By The State Bank of Vietnam

As per the State Bank of Vietnam, the country’s central bank, has agreed with the Ministry of Industry and Trade to provisionally stop the import of cryptocurrency mining hardware device.

It has also been an official letter from the Ministry of Industry and Trade requiring SBV cooperation on analysis regarding to cryptocurrency management in Vietnam. In the letter, the Ministry of Industry and Trade also claimed that the State Bank of Vietnam consider the suspension on mining hardware imports.

The Ministry of Industry and Trade appeals originated from an earlier directive by Trịnh Đình Dũng the country’s deputy prime minister that entrusted the Ministry of Industry and Trade, Ministry of Finance, State Bank of Vietnam, and other agencies to study the import of cryptocurrency mining machines into the country.

After the deputy prime minister’s query, which was done in May, the Ministry of Finance offered an interim prohibition on the hardware. Probably it acknowledged that the hardware is not on the prohibited imports list, nor is it subject to specialized processing. This kind of lack of regulation has permitted business communities to freely import the machines. The Ministry of Finance hopes that for decreasing crypto scams – such as Ho Chi Minh City’s recent Modern Tech Corp. case in which the company was charged of scam equal to 15 trillion Vietnamese dongs ( $654 million ) – the country’s control organizations need to carry out harsh regulations regarding the import and utilization of mining devices.