Importing Crypto Mining Hardware Suspended by The State Bank of Vietnam

Karan Balwani

July 20, 2018 4:58 pm

Cryptocurrency news

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The State Bank of Vietnam (SBV) is the Central bank of the country. On July 19, 2018, Viet Nam News reported that the bank enforced a suspension on the import of cryptocurrency mining hardware.

This move comes after the Ministry of Industry and Trade (MoIT) suggested that the import of crypto mining machines should be temporarily banned. Between 2017 and April 2018, about 15,600 miners were imported to the country. Majority of these units were imported via Hanoi, Ho Chi Minh City and Da Nang.

Trinh Dinh Dung, the Deputy Prime Minister had directed the MoIT, the Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) to study and observe the cryptocurrency miners imports. They were further directed to provide guidance on the same.

The suspension is placed to improve the currency flow management in Vietnam. The ban also aims to promote the use of the country’s official currency as opposed to cryptocurrencies, which were declared illegal back in 2017. Another reason for the ban is to protect the population from crypto scams.

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