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State of Vietnam agrees to suspend import of cryptocurrency mining machines

State of Vietnam agrees to suspend import of cryptocurrency mining machines

Reports of a local newspaper suggests that Vietnam might halt the imports of cryptocurrency miners temporarily following the requests of MoIT (Ministry of Industry and Trade).

Hanoi newspaper reported that the State Bank of Vietnam has agreed to suspend the import of cryptocurrency mining hardware.

MoIT had requested the State Bank of Vietnam for ensuring coordination on research relating to cryptocurrency management in the country.

In the letter MoIT also pressed for halting the mining hardware imports.

The MoIT requests stemmed from an earlier directive by Trinh Dinh Dung, deputy Prime Minister where he asked the MoIT, State Bank of Vietnam and other agencies for studying the import of digital currency mining machines into the country.

In May 2018, Ministry of Finance has proposed a temporary ban on the hardware.

The MoF believes that suspending crypto bans might help in curbing crypto scams. One such incident of crypto scam was Ho Chi Minh City's recent Tech Corp. case where the company was carried off an alleged fraud of more than 15 trillion Vietnamese dongs (more than $654 million as per reports). MoF also said that the country's management authorities needed to implement stricter controls over the imports and use of mining machines.

When it comes to embracing the cryptocurrency, Vietnam has always maintained a reluctant stance against the virtual currencies.

The State Bank of Vietnam had announced a crypto ban in 2017 and the ban was enforced in January 1, 2018.

Vietnam Law and Legal Forum Magazine quoted that the SBV had specifically invoked Article 4.6 of Decree 101 of 102 which "recognised only cheques, collection orders, payment orders, bank cards and a few others as lawful means of means of payment,"  for justifying its decision of banning the trade of cryptocurrencies.