Vietnam’s Ministry of Finance proposes temporary ban on import of crypto mining hardware

According to VN Express, cited by Cointelegraph, Vietnam’s Ministry of Finance has proposed a temporary ban on the import of hardware for cryptocurrency mining.

The Ministry of Finance reportedly made the proposal on Monday, saying that cryptocurrency mining hardware could be used to launch new cryptocurrencies that would be “very difficult to manage.” Ministry of Finance data showed that more than 6,300 cryptocurrency mining machines were imported into the country in the first four months of 2018 alone.

The Hanoi Times further reported that Vietnamese customs noticed a huge increase compared to the 9,300 mining machines shipped in 2017. As reported last week, Venezuela has banned the import of cryptocurrency mining equipment.