A Vietnamese news outlet has confirmed that the nation has clamped down on the importation of crypto mining equipment as proposed in July. It is reporting that no mining companies or individual miners can purchase mining equipment from abroad and that the government has been enforcing the new laws with aplomb.
The Vietnamese government’s hardline stance on crypto is already well known, and with the latest news that the crackdown on the importation of crypto mining equipment is really happening, the status quo isn’t going to change anytime soon for the South-East-Asian nation.
Import ban on crypto mining equipment
It was reported in the Viet Nam News on Monday that the Vietnamese customs department has enforced a ban on crypto mining equipment imports. The online news outlet reported that the importation of mining equipment has ceased and that local businesses and independent crypto miners are now not able to purchase mining equipment from other countries as the laws imposed in July stated.
The Viet Nam News outlet has stated in the that, “The department said firms and individuals imported more than 3,664 cryptocurrency mining rigs in the first six months of the year, most of which were ‘Antminer’ branded models from China. Four enterprises imported more than 3,000 machines this year, while the rest were imported by individuals and organizations, which do not have import tax codes.“
It seems that the importation of crypto mining equipment from international sources was big business in Vietnam, which is why the enforcement of new rules are extremely restrictive for independent miners and crypto mining companies in the region. “Last year, HCM City Customs Department completed customs clearance for more than 7,000 Bitcoin and Litecoin miners. Meanwhile, the Hanoi Customs Department approved the import of 190 Bitcoin miners and 350 Litecoin miners,” said the Viet Nam News.
Crypto crackdown in Vietnam
The hardline stance toward crypto from the Vietnamese government is not really a new philosophy, so it’s hardly a surprising move that the ban on imports of crypto mining equipment has been enforced as promised.
Vietnam cracked down on the industry last year by implementing cryptocurrency regulations and is still one of the few places where a government has declared that digital currency is not a “lawful means of payment.” The government declared that the issuing or the usage of bitcoin or other cryptocurrencies is forbidden as a means of payment by law. At least the Vietnamese government is clear with their thoughts on the issue.
Companies and persons found breaking those laws could find themselves as part of a criminal prosecution and could be fined up to USD 9,000, which is keeping companies in line.
One of the major reasons why the government has stopped imports on crypto mining equipment is due to a recent crypto mining scam by bitcoin.vn, which is a crypto trade exchange that was halted and seized by the government for performing illicit business. This initially happened back in June, which has had a knock-on effect on the crypto mining scene in Vietnam.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.