According to regional reports, the State Bank of Vietnam (SBV) has agreed with a proposal to ban imported cryptocurrency mining machines in order to keep the digital currency economy tethered tightly to the government’s regulatory frameworks. The proposal was introduced by the country’s Ministry of Industry and Trade (MoIT) after the SBV announced that cryptocurrency use within Vietnam was not a “lawful means of payment” this past October.
Also read: Bitcoin Vietnam Faces Losing its Domain from Government
The State Bank of Vietnam Agrees Cryptocurrency Miners Should be Banned
Lately, Vietnam’s government and regulatory bodies haven’t been too friendly towards the cryptocurrency industry. Last October the country’s central bank detailed in a letter to the public that bitcoin and other cryptocurrencies were not a “lawful means of payment.” Furthermore, if Vietnam residents decided to use “bitcoin and other similar virtual currency they may be subject to prosecution.” Then, this past June, news.Bitcoin.com reported on Vietnam’s Ministry of Finance initiating the idea that the country’s governing authorities should ban cryptocurrency mining device imports.
Now the local Việt Nam News reports that the central bank agrees with a proposal written by the Ministry of Industry and Trade (MoIT) which calls for the banning of these mining machines. Vietnam’s MoIT and the SBV believe that letting these devices come into the country makes it harder for the government to regulate bitcoin and other virtual currencies. Many Vietnamese officials have been deliberating on how to handle the cryptocurrency industry and in April the country’s Prime Minister, Nguyễn Xuân Phúc, signed an initiative to tighten regulatory guidelines.
Crypto-Fraud Sparked the Regulatory Crackdown
The Ministry of Finance and MoIT have explained the reason for the current regulatory proposals towards
