Vietnam’s Ministry of Finance (MoF) recently proposed a sweeping – but still temporary – ban on the import of cryptocurrency mining equipment. The news comes from local reports, days after the proposal for a blanket ban that was made by the finance ministry this Monday.
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The government body, at that point, claimed that it is “difficult to regulate” the new cryptocurrencies and forms of payments in tokens created by mining hardware. According to Hanoi Times, this is a reaction to the $660 million crypto fraud that conned more than 32,000 investors earlier this month.
The scam involved two allegedly fraudulent ICOs and saw the office of Vietnam’s prime minister issue a directive to order authorities to increase the scrutiny into the “activities related to bitcoin and cryptocurrencies.”
According to the local publication named Taichinh Vietnam:
“Therefore, to prevent other [similar] possible events in the immediate future, the Ministry of Finance proposed to apply suspension measures toward importing the mining equipment.”
As some figures say, right now there are over 9,300 mining rigs imported into the country (Vietnam) in 2017 alone – and as of April 2018, the country imported 6,300 mining rigs in comparison to last year’s overall total.
Despite the 2017 reports that Vietnam is ready to legalize cryptocurrencies, the central bank did not include Bitcoin among a list of non-cash payment methods and outlawed cryptocurrencies in the process.
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