Business, individuals stay away from importing Bitcoin mining rigs to Vietnam

HOW MANY ARE THERE? | Bitcoin’s supply is limited to 21 million - a number that is expected to be reached around the year 2140. So far, around 16.7 million bitcoins have been released into the system, with 12.5 new ones released roughly every 10 minutes via a process called “mining”, in which a global network of computers competes to solve complex algorithms in reward for the new bitcoins.

Moneycontrol News

Owing to the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam, since early July, Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country. The Customs Department of Ho Chi Minh City (HCMC) confirmed the same with Bitcoin.com.

Earlier businesses and individuals imported a large number of crypto mining rigs into the country. The customs department of HCMC cleared more than 7,000 bitcoin and litecoin miners last year.

Around 190 bitcoin miners and 350 litecoin miners were imported by the Customs Department of Hanoi. As reported by the HCMC Customs Department 3,664 crypto miners were imported by the businesses and individuals from the beginning of this year to August 6, most of which were Antminers from China.

The few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV) extended support towards the move.

Prime Minister Nguyen Xuan Phuc, in April this year, had signed a directive  for stronger measures for cryptocurrencies. "Under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities," authorities said while imposing the ban on import of bitcoin mining rigs.