Vietnam has approved a ban on importing equipment for cryptocurrency mining. This information was officially confirmed by the Ministry of Finance of the country, as reported by the local newspaper Viet Nam News. The importation of equipment ceased in July in accordance with the order by the customs service of Ho Chi Minh City.
According to the ministry, since the beginning of 2018, more than 3,500 devices for mining have been imported to Vietnam. The overwhelming majority fell on four companies, the rest of the equipment was imported by private individuals for their own needs.
Most of the devices were Antminer from Bitmain. In 2017, the country imported more than 9,000 devices for the mining of cryptocurrency. Most of the equipment went to Ho Chi Minh City and Hanoi.
Since January 2018, Vietnam has banned all operations with the cryptocurrencies. In June it became known about the preparation of a ban on the import of mining equipment. The authorities tightened their policy in this area due to fraud cases. The largest of these was the ICO project Modern Tech, during which 32,000 investors were affected. The startup appropriated their funds for $660 million.
WHY IS IT IMPORTANT?
1. According to Vietnamese officials, the ban on importing mining farms will allow controlling the use of cryptocurrencies, as local residents will not have the opportunity to mine digital assets.
2. Another Asian country, China, is struggling with mining. But there the attention of the authorities is directed to those who mine the cryptocurrency illegally. In late July, the authorities announced that they would close their activities in regions with cheap electricity.