Vietnam Moves to Miner’s Ban
Main page News, Asia, Mining

The Vietnamese authorities prepare to introduce a ban on imports of mining equipment. This is reported by the local newspaper Viet Nam News.

The article says that the Central Bank of the country is discussing the initiative with the Ministry of Industry and Trade and the Ministry of Finance. The departments insist on banning imports, since the country has already prohibited all operations with digital money. Imposing compliance will be much easier if the miners lose ways to buy new equipment, officials say.

According to Xinhua News Agency, during the first four months of this year Vietnam has imported more than 6,300 application-specific integrated circuits (ASIC) used for mining cryptocurrencies. Last year more than 9,300 units of mining farms were brought into the country.

Last autumn the State Bank of Vietnam introduced amendments to the monetary policy of the country, according to which the circulation of bitcoin and other cryptocurrencies became illegal as of January 1, 2018. Violators face a fine equivalent to 9,000 dollars.

WHY IS IT IMPORTANT?

1. The representative of the Ministry of Finance recalled the biggest fraudulent IСO in the country's history in support of the ban. In April, the startup Modern Tech appropriated $660 million, invested by 32,000 investors.

2. From the very beginning the ICO of Modern Tech looked like a financial pyramid. Investors were offered a profitability of 570% per annum and 8% of the invested amount for attracting new participants in the primary placement. Now the founders of the project are on the wanted list.

By Ekaterina Ulyanova

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