RATE Group | Cryptocurrency Miners Face the Heat as Vietnam Bans Imports and Taiwanese Chipmaker Lowers Revenue Figures
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Cryptocurrency Miners Face the Heat as Vietnam Bans Imports and Taiwanese Chipmaker Lowers Revenue Figures

21 Jul Cryptocurrency Miners Face the Heat as Vietnam Bans Imports and Taiwanese Chipmaker Lowers Revenue Figures

Posted at 18:56h in Cryptocurrency News by

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Cryptocurrency Miners Face the Heat as Vietnam Bans Imports and Taiwanese Chipmaker Lowers Revenue Figures

The State Bank of Vietnam (SBV), the East Asian country’s central bank, announced on July 19, 2018, the import of cryptocurrency miners to the nation is indefinitely suspended.

Mining Imports Blocked

According to Viet Nam News, the backpedaling move follows an official request from Vietnam’s Ministry of Industry and Trade (MoIT), which earlier in 2018 called for a ban on mining rigs. The ministry noted over 15,600 units of the powerful machinery were imported from 2017 to April 2018, primarily through its capital Ho Chi Minh City, Hanoi, and  Da Nang.

As stated on Xinhua in June 2018, over 6,300 application-specific integrated circuits (ASIC) mining rigs were imported to Vietnam for the first four months of 2018.

At the time, the SBV, MoIT, and Ministry of Finance were directed by Trinh Dinh Dung, Vietnam’s Deputy Prime Minister, to conduct due research into the management of cryptocurrency miners, including global regulations in the sector.

As reported, the suspension is mainly…

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