Cryptocurrency, Regulations

Vietnam proposes ban on Crypto Mining Equipment

Vietnam’s Ministry of Finance has proposed a temporary ban on all cryptocurrency mining hardware. This proposed regulation looks to maintain control of new currency that might be mined in the future. Using digital currency as a payment in Vietnam has been illegal since beginning of 2018.

In April, an alleged $660 million scam involving two ICO’s created by a Vietnam business has led to tougher allegations. It would be very foolish for Vietnam to try and restrict mining hardware into the country. The blockchain/cryptocurreny industry is growing fast and any regulation is like putting up a close-sign for business. We will continue to monitor the progress of this regulation and update you with any news.

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