Vietnamese Central Bank Agrees to Suspend Importation of Crypto Mining Hardware
The State Bank of Vietnam (SBV), the country’s central bank, is in agreement with a government ministry’s proposal to suspend imports of cryptocurrency mining hardware.
This came in response to an official letter from the MoIT asking for SBV’s coordination in research and comments on the management of cryptocurrencies in the country, in which the MoIT proposed to temporarily ban the machine imports.
This proposal suggests that the import of cryptocurrency mining machines should be suspended immediately, in order to ensure stricter control over cryptocurrency movements and transactions in the country.
According to Viet Nam News, the suspension is supposed to improve the management of currency flows in Vietnam, since the use of crypto mining equipment in the country makes it more complicated.
The temporary ban intends to prevent the use of cryptocurrency as an alternative means of payment outside of the official currency, which was declared illegal in late 2017.
The increased scrutiny by Vietnamese authorities into the cryptocurrency sector is seemingly a direct consequence of a nationwide ICO-related fraud that allegedly conned 32,000 domestic investors out of an estimated $660 million.
According to the ministry, protecting the Vietnamese people from similar scams in the future requires State management agencies to take strict control measures with the import and use of this commodity.
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