Spike in Purchase of Bitcoin Mining Rigs in Vietnam

Spike in Purchase of Bitcoin Mining Rigs in Vietnam

bitcoin Blockchain Mining News
January 5, 2018 by IBC Staff
Spike in Bitcoin Mining hardware

The Ho Chi Minh City Customs Department has revealed the number of Bitcoin mining rigs imported in 2017. And the number is a whopping 7005. Out of which 1478 of them were imported in the early months of 2017 while the other 5527 of them cleared customs in the months of November and December alone.

Most of these rigs have been imported to Vietnam from China. While the people importing these rigs have done nothing illegal, parsay, the Vietnamese government is clamping down on the use of Bitcoin as a form of daily method of payment. But can’t really do anything about the rigs that have already cleared customs because they are not in the list of prohibited items.

Not Illegal

Since from a legal standpoint, importing rigs for mining are not illegal it has put the Vietnamese government in a spot because of its increasingly tight rule against the use of bitcoins.

The General Department of Vietnam Customs had requested a formal statement be issued by either the State Bank of Vietnam, the Ministry of Information and Communication or the Ministry of Industry and Trade, on these imports.

But all three refused because it is in no way illegal and the import of mining equipment does not indicate an increase or decrease in the usage of virtual currency. The State Bank of Vietnam, further, went on to say that the import of mining rigs is of no concern to them because it has no effect on its management or function.

Subsequently, the General Department of Customs issued a statement saying the import of mining rigs isn’t illegal.

Could Become Illegal

Some businesses and individuals are now worried that the increase in the number of imports could force the government into banning the use or even prohibiting the import of the machinery.

The Ho Chi Minh City Customs Department has already recommended to the General Department of Vietnam Customs to prohibit the import of such machinery. However, no official stand has been made nor has any statement been issued regarding the same.

Do you think Vietnam will prohibit the rigs from entering their country? Or will the legal loophole work in the favor of those investing in Bitcoins in the country

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