Vietnam to ban hardware imports for crypto mining

June 06, 2018
Chris Wheal

Vietnam is considering imposing a ban on imports of hardware directly linked to crypto mining.

Government officials are justifying the move based on the premise that such hardware can be used to launch new digital currencies.

It’s a further sign that the country is continuing to toughen its stance on cryptos in general.

Crypto opposition

The government appears to be opposed to the decentralised nature of cryptos such as Bitcoin, viewing digital currencies as difficult to regulate and control.

New laws prohibiting the use of cryptos as a means of payment came into force earlier this year.

Officials are also concerned about spiking electricity demand from crypto mining activities, which threatens to push up prices for other users.

Bitcoin mining

Bitcoin mining

Mining surge

The government cites figures showing that as many as 6,300 digital currency mining kits were imported into Vietnam during the first four months of 2018.

It indicates the country is experiencing a boom in crypto mining, with activity levels surging compared with last year. Over the whole of 2017, some 9,300 crypto mining kits were imported.

Reports that as many as 32,000 investors were defrauded in April of $660m in a scam Vietnamese Initial Coin Offering are also thought to be prompting the government to take an increasingly hard line against cryptos in general.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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