Ban on Bitcoin Mining Equipment in Vietnam

Ban on Bitcoin Mining Equipment in Vietnam

Vietnam has stopped importing Bitcoin mining equipment since the beginning of July, which follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

Vietnam is one of the countries where use of cryptocurrency for transactions and payments is rendered illegal. Nguyen Xuan Phuc, the Prime Minister of Vietnam, has issued a directive that calls its citizens to report to authorities the trades and other transactions done through cryptocurrency. According to the State Bank of Vietnam, it is the only organization that is legally producing currency in the form of paper money and coins.

For this reason, Ho Chi Minh City Customs Department is prohibiting mining equipment from entering its borders.  It has been recorded that from 2017 to April of 2018, roughly 15,600 mining machines have been imported into the country.

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