Vietnam seeks ban on import of crypto mining tools

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Vietnam’s finance ministry has called for an outright ban on the import of the mining rigs used to create cryptocurrencies such as Bitcoin. The move follows a high-profile fraud case involving initial coin offerings of Pincoin and Ifan,, the single largest instance of cryptocurrency fraud in the country to date, which saw some 32,000 victims lose out on over $656 million.

The ministry said that the current lack of import restrictions allow technology for mining Bitcoin, Litecoin and a host of other cryptocurrencies to flood into the country, much of which is impossible for authorities to detect and therefore cannot be traced and regulated.

According to the Vietnam’s customs department, the country imported over 6,300 rigs, or application-specific integrated circuit devices used to mine cryptocurrencies such as Bitcoin and Ethereum, in the first four months of this year. In 2017, more than 9,300 mining rigs were imported into Vietnam, most of which went to Ho Chi Minh City and Hanoi.

The ministry said protecting the Vietnamese people from cryptocurrency scams in the future “requires state management agencies to take strict control measures with the import and use of this commodity.”

It went on saying that “to prevent other possible events, in the immediate future, the ministry of finance proposed to apply the import suspension measures for the above types of mining equipment.”

Currently, all transactions in cryptocurrencies are illegal in Vietnam. In October 2017, the central bank announced that from January 1, 2018, “the act of issuing, supplying, and using illegal means of payment, including Bitcoin and other similar cryptocurrencies, may be subject to prosecution.” Those providing “unlawful means of payment” (=cryptocurrency) may also be subject to a minimum fine of 150 million dong ($6,580).

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Reading Time: 2 minutes

Vietnam’s finance ministry has called for an outright ban on the import of the mining rigs used to create cryptocurrencies such as Bitcoin. The move follows a high-profile fraud case involving initial coin offerings of Pincoin and Ifan,, the single largest instance of cryptocurrency fraud in the country to date, which saw some 32,000 victims lose out on over $656 million.

Reading Time: 2 minutes

Vietnam’s finance ministry has called for an outright ban on the import of the mining rigs used to create cryptocurrencies such as Bitcoin. The move follows a high-profile fraud case involving initial coin offerings of Pincoin and Ifan,, the single largest instance of cryptocurrency fraud in the country to date, which saw some 32,000 victims lose out on over $656 million.

The ministry said that the current lack of import restrictions allow technology for mining Bitcoin, Litecoin and a host of other cryptocurrencies to flood into the country, much of which is impossible for authorities to detect and therefore cannot be traced and regulated.

According to the Vietnam’s customs department, the country imported over 6,300 rigs, or application-specific integrated circuit devices used to mine cryptocurrencies such as Bitcoin and Ethereum, in the first four months of this year. In 2017, more than 9,300 mining rigs were imported into Vietnam, most of which went to Ho Chi Minh City and Hanoi.

The ministry said protecting the Vietnamese people from cryptocurrency scams in the future “requires state management agencies to take strict control measures with the import and use of this commodity.”

It went on saying that “to prevent other possible events, in the immediate future, the ministry of finance proposed to apply the import suspension measures for the above types of mining equipment.”

Currently, all transactions in cryptocurrencies are illegal in Vietnam. In October 2017, the central bank announced that from January 1, 2018, “the act of issuing, supplying, and using illegal means of payment, including Bitcoin and other similar cryptocurrencies, may be subject to prosecution.” Those providing “unlawful means of payment” (=cryptocurrency) may also be subject to a minimum fine of 150 million dong ($6,580).

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