Vietnam bans import of crypto mining rigs to improve country's currency transaction

According to reports, HCMC Customs Department said individuals and firms have imported about 3,664 cryptocurrency mining rigs in the first six months of 2018, most of which were the Antminer models from China.

The ministry of industry and Trade together with the Ministry of Finance, State Bank of Vietnam, and the Ministry of Justice ban import of crypto mining rigs to improve the country’s management of currency transactions.

Vietnam was about to become a cryptocurrency mining hub. Last year, Ho Chi Minh City (HCMC) Customs Department cleared more than 7,000 bitcoin and Litecoin miners.

According to reports, HCMC Customs Department said individuals and firms have imported about 3,664 cryptocurrency mining rigs in the first six months of 2018,  most of which were the Antminer models from China.

Customs Department of Ho Chi Minh City reports depicts that from early July 2018 to now, organizations and individuals have stopped importing mining rigs.”

The news agency further added  by saying that more than 3,000 machines were imported by four enterprises, while the rest were imported by individuals and organizations “which do not have import tax codes.”

Earlier in June, Vietnam's Ministry of Finance called for a ban on all imports of cryptocurrency mining equipment. According to sources, Vietnamese business and individuals had stopped importing bitcoin mining equipment due to approaching ban.