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Over 7000 Cryptocurrency mining rigs imported in Vietnam

Jan 05, 2018 Posted /  10748 Views

Over 7000 Cryptocurrency mining rigs imported in Vietnam

The Customs department at Ho Chi Minh City has revealed about the number of recognized mining rigs that were imported in Vietnam during 2017. The department stated that over 7,000 rigs were taken into the country, and these rigs mainly came from China. It was also revealed that over 5,000 entered only since November. While Vietnam is securing tight knob and decreasing the use of bitcoin as a means of payment, mining rigs are not on the list of forbidden objects.

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The Ho Chi Minh City Customs Department has exposed that 7,005 bitcoin mining rigs passed clear customs since the initiation of 2017 to the mid of December. These reports are provided by the local publications. Formerly, there were some more reports by Dan Tri, which revealed that the department has proclaimed that it has received 98 import declarations for 1,478 mining rigs from January 1 to October 31, and these were valued for over $2,182 million.

Afterward, since the starting of November to December 21, 2017, the number of mining rigs imported into Vietnam escalated and rose by another 5,527, reaching the total figures for rigs imported to 7,005. The reports further cleared that the 5,527 machines were majorly purchased from China and mainly with the help of 8 organizations and individuals.

Mining Rigs - Prohibited or Not?

The General Department of Vietnam Customs earlier appealed the State Bank of Vietnam, the Ministry of Information and Communication, and Ministry of Industry and Trade to point out its observations on the bringing in of mining rigs. At that point in time the central bank established and stated that mining rigs for bitcoin and other cryptocurrencies were not akin to the use of virtual currency as a means of payment. Examining such remark by the officials, they capacity was made clear as they told that rigs are “not part of the management functions and tasks of the State Bank.”

Following the same, the General Department of Customs came out with a notice expounding that mining rigs are not documented as prohibited items. The reports by Viet Times substantiated that after the customs confirmed that bitcoin mining rigs are not on the list of prohibited goods from import in lieu with the state regulations, the amount of machines imported in the last two months of the year has surged to over 5,000 machines.

Could mining rigs be banned in the coming times?

Deputy Director of the State Bank of Vietnam, Nguyen Hoang Minh, has issued the statement that bitcoin and other cryptocurrencies are not a legal means of payment in Vietnam and hence, the issuance, supply, usage of bitcoin and alike virtual currency as a means of payment is banned. Certain businesses and individuals are worried that the import of mining rigs can also be prohibited in the coming time.

The media reports have published stories that the Ho Chi Minh City Customs Department has already notified and suggested General Department of Vietnam Customs not to import these types of machinery. Nonetheless, so far the General Department of Customs has exchanged documents with related departments pertaining to the import of mining rigs.

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Tags: use of Bitcoin Cryptocurrency Mining Vietnam Mining Rigs

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