Vietnam Approaches To Its Plan  On Stopping The Import Of Cryptocurrency Miners

According to the local news reported on Tuesday Vietnam has moved a step closer to halting cryptocurrency miner imports.

As per Viet Nam News, the State Bank of Vietnam (SBV), has now consented to a proposed plan to end imports of the particular mining machines due to the fact that the  country has effectively restricted the utilization of digital money as a form of payment.

Such kind of decision is a reply to a suggestion from the Ministry of Industry and Trade (MoIT) a month ago.

During the discussions the Ministry of Industry and Trade (MoIT) mentioned that as cryptocurrency miners are at the present moment not in the list of forbidden imports, it has turned hard for regional authority bodies to execute the current bans regarding the cryptocurrencies.

The MoIT offer also followed a request of the Ministry of Finance in May which argued for a temporary suspension, given a recent suppression by local authorities’ of the alleged fraud with cryptocurrencies in the amount of 660 million USD.

As per the reports from Xinhua a month ago, Vietnam delivered more than 6,300 application-specific integrated circuit (ASIC) machines which are used for crypto mining. According to the statistics of 2017 about 9,300 crypto miners have been brought to the country.

According to the data from the General Department of Vietnam Customsbig a big part of the imports have been delivered to Ho Chi Minh City and the national capital Hanoi.