Vietnamese companies and people have stopped importing bitcoin mining tools into the nation because the starting of July, in accordance with the Ho Chi Minh Metropolis Customs Division. This follows the federal government’s efforts to go a regulation banning the import of bitcoin mining rigs into Vietnam.
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Mining Rig Imports Cease
Enterprise and people in Vietnam used to import numerous crypto mining rigs into the nation. Final 12 months, the Customs Division of Ho Chi Minh Metropolis (HCMC) cleared greater than 7,000 bitcoin and litecoin miners. In the meantime, the Customs Division of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.
Based on the HCMC Customs Division, companies and people imported 3,664 crypto miners from the start of this 12 months to August 6, most of which had been Antminers from China. The information outlet reiterated:
Based on info from the Customs Division of Ho Chi Minh Metropolis, from early July 2018 to now, organizations and people have stopped importing mining rigs.
Based on the publication, 4 enterprises imported greater than 3,000 machines this 12 months; the remainder had been imported by “people and organizations [that] don’t have [a dedicated] import tax code.” Viet Nam Information added that “in accordance with information from the Basic Division of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this 12 months.”
Mining Rig Import Ban Looming
The dearth of crypto mining rig imports follows the proposal by the nation’s Ministry of Trade and Commerce “to droop the import of cryptocurrency mining machines in a transfer to enhance the administration of foreign money transactions within the nation,” the publication detailed.
The ministry has gained help from just a few different authorities businesses and the nation’s central financial institution, the State Bank of Vietnam (SBV).
The ban was proposed as a result of the nation’s finance ministry grew to become involved that crypto mining rigs are “not on the listing of products banned from importation and should not topic to the listing of specialized administration or unsafe items, so enterprises are simply allowed to finish the import procedures,” the publication defined, noting:
Using mining tools for bitcoin, litecoin and different cryptocurrencies within the nation is troublesome for the authorities to handle. Thus it’s simple for individuals to make use of cryptocurrencies as a foreign money or one other technique of fee, which is prohibited in Vietnam in accordance with the amended Decree 101 on non-cash funds.
In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “underneath the directive, credit score establishments in Vietnam should not allowed to hold out cryptocurrency-related transactions and should swiftly report any suspicious actions.”
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