In the wake of Vietnam’s ICO scam that defrauded more than 30.000 people back in April 2018, the country’s Prime Minister, Nguyen Xuan Phuc, has officially proposed a ban on the import of cryptocurrency mining equipment.
Up until now, despite cryptocurrency being illegal in Vietnam, the country is supposed to have imported more than 6300 crypto mining rigs just this year alone, with Hanoi and Saigon being the main centers for the Vietnamese crypto activity.
According to the Prime Minister, these rigs are potentially dangerous for the people as they can launch unregulated digital payment systems, as well as create new cryptocurrencies. Following the latest happenings, the Prime Minister signed an official directive to further strengthen “the management of activities related to bitcoin and other virtual currencies,” Viet Nam News reported.
Changes in the system and various crypto laws in the works
The directive was followed by the following statement: “To limit the risks and adverse impacts on society, as well as promptly detect, prevent and handle fraud, the Prime Minister asked the State Bank of Vietnam (SBV) to direct credit institutions and intermediary payment service organizations not to conduct illegal transactions related to digital currencies.”
Part of the directive also implies the creation of new crypto laws. The country’s Justice Ministry, the SBV, is said to be already carrying out a great deal of tasks assigned by the Prime Minister. The Justice Ministry seems to be more than willing to further prove that it “is the only agency issuing paper money and coins,” which automatically renders cryptocurrency as an illegal method of payment, as news.Bitcoin.com reported.
However, back in September 2017, the country’s authorities have not been able to issue a formal charge or accusation for a very wealthy Bitcoin trader. This situation only further emphasizes the country’s need for a better regulatory framework for cryptocurrency.