[2018-06-06] Vietnam Proposes Import Ban on Bitcoin Mining Equipment

[ivanpoldark]

Vietnam’s Ministry of Finance has officially proposed that the country bans the import of cryptocurrency mining equipment. Bitcoin mining rigs are currently easily imported into Vietnam. This proposal follows the largest crypto fraud case in the country involving over $656 million and more than 32,000 victims.

Ministry of Finance’s Proposal

In the recently released report containing the opinions of the ministries involved in the management of bitcoin and other cryptocurrencies in Vietnam, the country’s Ministry of Finance proposes suspending the importation of mining equipment, according to local media. This report, referred to as Document 5964 / BTC-TCHQ, has been submitted to the country’s prime minister. Zing.vn publication elaborated:

According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures.

The ministry outlined in its report that the use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authority to manage. “From there, it is easy for people to use [cryptocurrencies] as a currency or another method of payment,” the City Economic News Kinhte & Dothi quoted the ministry. “This is in violation of the amended government Decree 101 on non-cash payments,” Zing.vn conveyed.

The publication also noted that data from the General Department of Vietnam Customs shows that “from 2017 to half of 4/2018, the country imported about 15,600 mining machines,” adding that most of them were imported into Hanoi, Ho Chi Minh City, and Da Nang. Last year, more than 9,300 rigs were imported into Vietnam and over 6,300 rigs were imported in the first four months of this year.

Read more: https://news.bitcoin.com/vietnam-import-ban-bitcoin-mining-equipment/

[Kemarit]

What do you expect? They already banned bitcoin and other crypto so I wouldn't be surprise to see them ban everything related to crypto. The question, is there a bitcoin mining farm or at least someone from Vietnam mining bitcoin? LOL. Its ridiculous to ban something getting inside your country is no one is using it. As what we have said, "Do what you gonna do". Nothing can stop this tsunami and the only one having to take this brunt is the Vietnamese Bitcoin Community.

[deovui]

At present, they have not banned the import of diggers into the country and it is possible to increase the price of electricity for digging farms.
They do not prohibit bitcoins and other types of altcoin but do not recognize them, they prohibit the use of bitcoin as a means of payment.
For example, if you buy a house where you use bitcoin to pay, it is illegal to use vnd to pay

[kevoh]

At present, they have not banned the import of diggers into the country and it is possible to increase the price of electricity for digging farms.
They do not prohibit bitcoins and other types of altcoin but do not recognize them, they prohibit the use of bitcoin as a means of payment.
For example, if you buy a house where you use bitcoin to pay, it is illegal to use vnd to pay

You are saying the same thing! If bitcoin/altcoin is banned as a means of payment in Vietnam, of what other use will they serve? Is this not still prohibition? There are even penalties to be paid ranging from 150 to 200 million Vietnamese Dong if any one contravenes the ban.

[Zadicar]

What do you expect? They already banned bitcoin and other crypto so I wouldn't be surprise to see them ban everything related to crypto. The question, is there a bitcoin mining farm or at least someone from Vietnam mining bitcoin? LOL. Its ridiculous to ban something getting inside your country is no one is using it. As what we have said, "Do what you gonna do". Nothing can stop this tsunami and the only one having to take this brunt is the Vietnamese Bitcoin Community.

Yeah it is really ridiculous but as i presume there would be still some citizens who are involve on mining but not really showing up themselves since they do know the consequence once caught. If a certain country do make decisions to ban bitcoin or cryptocurrency then its expected it would really scope all of the things which are connected to it.Even they would banned it they are not the only one who are the main buyers of mining equipment.

[Arkyo]

I do not understand why they prohibit the import of such equipment. Maybe the reason is that they do not have cryptocurrency legislation yet, which would allow to collect taxes from mining?

[stompix]

I do not understand why they prohibit the import of such equipment. Maybe the reason is that they do not have cryptocurrency legislation yet, which would allow to collect taxes from mining?

Because according to this,
https://tuoitre.vn/ngan-hang-nha-nuoc-tuyen-bo-cam-su-dung-bitcoin-20171028102135916.htm

The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from 150 million to 200 million VND

So, if you declare the issuance of crypto illegal, it would be pretty stupid to allow imports of miners, right?

At present, they have not banned the import of diggers into the country and it is possible to increase the price of electricity for digging farms.
They do not prohibit bitcoins and other types of altcoin but do not recognize them, they prohibit the use of bitcoin as a means of payment.
For example, if you buy a house where you use bitcoin to pay, it is illegal to use vnd to pay

You are saying the same thing! If bitcoin/altcoin is banned as a means of payment in Vietnam, of what other use will they serve? Is this not still prohibition? There are even penalties to be paid ranging from 150 to 200 million Vietnamese Dong if any one contravenes the ban.

Trading is still legal as long as you keep playing with crypto only.

[Batelk]

At present, they have not banned the import of diggers into the country and it is possible to increase the price of electricity for digging farms.
They do not prohibit bitcoins and other types of altcoin but do not recognize them, they prohibit the use of bitcoin as a means of payment.
For example, if you buy a house where you use bitcoin to pay, it is illegal to use vnd to pay

Is it better to trade than mining in that country?