Recently, Vietnam the League of Nations, which restrict the operation of digital currencies, due to fraud cases. The Vietnamese Ministry of Finance (MoF) has issued this week a preliminary, but General import prohibition for crypto-currency-Mining-Equipment, – stated in local Reports.
The decision of these provisional restrictions was adopted by the Ministry of Finance on the Basis that crypto-currencies were “difficult to regulate” and that the Mining of Mining Hardware generates this crypto-currencies.
According to the Hanoi Times this decision comes shortly after a major fraud case in which to 32,000 investors of approximately $658 million dollars lost. The fraudulent Initial Coin Offerings (ICOs) were introduced in April of the Ifan and Pincoin crypto-currencies perpetrated and were as “Vietnam’s largest crypto-currency fraud” means.
The following is a rough Translation of the local news network Taichinh Vietnam is:
“To prevent other [similar] events in the near future, proposed to the Ministry of Finance, therefore, the suspension of measures for the Import of Mining Equipment.”
Large increase in the imports of Mining Equipment in the year 2018
In the year 2017, according to the Vietnamese customs have been imported more than 9,300 Mining Rigs to Vietnam. This number, however, increased after the cryptocurrency boom by the end of 2017 / beginning of 2018 exponentially – from April 2018 6,300 crypto-Mining Rigs were imported into the Southeast Asian Nation.
In mid-2017, the Vietnamese government proposed to legalize crypto-currencies such as Bitcoin. This decision was, however, finally declared null and void, as the Central Bank refused to consider Bitcoin as a recognized non-cash payment method, what prohibits the use of crypto-currencies effectively.
“According to the provisions of the law, Bitcoin and other virtual currencies in Vietnam are not a legitimate means of payment”, – said in a statement, the Vietnamese Central Bank. “The issue, delivery, and use of Bitcoin and other similar virtual currencies as a means of payment, is prohibited in Vietnam.”