Vietnam Forbade The Import Of Mining Equipment. Currency Operations Are Taken Under Control

Vietnamese companies and private persons have been banned from the import of mining equipment, according to the Customs Department of Ho Chi Minh. The aim of this step is to improve the management of currency operations in the country.

However, the founder of EzQ company Tom NGUEN sees other reasons for the ban. In his comment to Bitnewstoday.ru he said:

“In the whole world, and in Vietnam particularly, there are a lot of scammy projects. People lost millions of dollars through mining projects (for example, recent news about Sky Mining). Scammers receive money from the participants and promise to pay high dividends in a short time with high interest (15% and more). Several months later they take all the money and hide”.

Tom NGUEN is sure that “the government has not found the effective way to control the problem; therefore it suspends the import of mining devices”. According to his words, the consequences will not be as scary as it may seem. “It will not influence the crypto market significantly, because coins’ mining does not benefit a lot”.

According to the statistics, for the first half of 2018 firms and individuals imported more than 3664 devices for the cryptocurrency mining. Where 3000 devices were imported by enterprises, and the rest was imported by private persons and organizations, having no import tax codes. It is also said that most equipment belongs to the Chinese brand “Antminer”.

In 2017 more than 7000 devices for bitcoin and litecoin mining were imported through the Customs Department of Ho Chi Minh. At the same time, the Hanoi Customs Department approved the import of only 190 bitcoin miners and 350 litecoin miners last year.

However, the ban cannot be called a surprise. In January of 2018, the decision of the Central Bank of Vietnam to ban bitcoin as means of payment and to ban the exchange of bitcoin for the fiat currency came into force. And in June the first announcements of the government’s intentions to ban the import of mining equipment appeared.