Vietnam's Central Bank upholds call for ban on mining hardware | cryptozapper

Vietnam’s Central Bank upholds call for ban on mining hardware

In Vietnam cryptocurrency is illegal, and hence the nations’ Ministry of Finance (MoF) called for a ban last month on all imports of crypto mining hardware. Now, Bitcoinist is reporting that Vietnam’s central bank, the State Banke of Vietnam (SBV), has announced its support for that decision.

Mining hardware was not previously listed as contraband material, but after Prime Minister Nguyen Xuan Phuc demanded stricter regulations on cryptocurrency it was determined that the mining hardware obviously provides a means for people to acquire and use crypto. This is what led to the MoF initially calling for the ban. The Ministry of Industry and Trade (MoIT) also weighed in with support for the ban.

Vietnam has been upping its attempts to guard against crypto scams since earlier this year when news broke about a $658 million ICO scam perpetrated by a company called Modern Tech JSC. The scam affected over 32,000 investors and now the government is trying to protect the population from further exploitation.

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It looks like for the time being the nature of Vietnam’s stance on crypto will remain negative. Hopefully in the coming years, as cryptocurrencies become more legitimized, Vietnam can ease its restrictions.

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