Import of mining rigs to Vietnam stopped

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According to the Ho Chi Minh City Customs Bureau, companies and individuals in Vietnam have not imported Bitcoin Mining Rigs into the country since the beginning of July. The reason for this is the recommendation of the Ministry of Finance to ban the import of the mining hardware.

At the beginning of the year, Vietnam still had a record import of mining rigs. The Vietnamese imported almost 8,000 units in January, more than in the previous year. This huge increase is noteworthy especially since the use of cryptocurrencies since January 1, 2018 in Vietnam is prohibited.

From record import to import stop

Already at the beginning of the year, the customs authority of Ho Chi Minh City (HCM) had decided to ban the import of mining rigs. As the Vietnamese news portal VietnamBiz reported, many mining rigs were imported by individuals and companies who did not have the appropriate tax number. Accordingly, the Ministry of Finance issued a recommendation on the import ban. The Ministry of Industry and Trade also recommended “to stop the import of cryptocurrency mining machines to improve the management of currency transactions in the country.”

The ban on cryptocurrencies must inevitably also entail a ban on the import of mining rigs. Thus, the Ministry of Finance stressed:

“The use of mining equipment for Bitcoin, Litecoin and other cryptocurrencies is difficult for local authorities to manage. This in turn makes it easy for people to use cryptocurrencies as a currency or as another payment method, which is illegal in Vietnam under the amended 101 Decree on cashless payments. ”

Of course, recently discovered scam of mining company Sky Mining has helped shape this assessment. Although no official ban has yet been issued, the import market for mining rigs in Vietnam has completely collapsed since the beginning of July.

image by shutterstock

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