Vietnamese businesses and individuals have stopped importing Bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of Bitcoin mining rigs into Vietnam.
Business and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 Bitcoin and Litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 Bitcoin miners and 350 Litecoin miners, Vietnam Biz reported Wednesday.
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Its simple where they are heading with this decisions of theirs because they have made their position known on the side they belong to as to whether to support crypto or not. I am actually not surprised that countries that are still grappling with development are quick to go the route of ban rather than looking for ways to harness the potential of the technology. It was reported in the article on how they felt the importation is too easy, whats wrong in issuing an executive order to ensure that some controls are put in place by without losing the revenue arising from import duties from such items.
Unfortunately, they won't be able to stop it. Command banks not to have anything to do with crypto and people would trade among themselves using the same banks as the machinery to aid such trades. The most victory for the entire crypto industry is that even if they ban it effectively, it will have little or no effect on price.
