Cryptocurrency mining machine import needs tightened regulations: officials

Hanoi (VNA) –The Ministry of Industry and Trade (MoIT) has worked with the Ministries of Finance and Justice and the State Bank of Vietnam (SBV) to propose suspending imports of cryptocurrency mining machines, said a MoIT official.

Speaking at the Government’s July press conference, MoIT Deputy Minister Do Thang Hai explained that virtual currencies like bitcoin are not viewed as currency nor a legal payment method in Vietnam.

The MoT has set forth measures to manage the import of virtual currency mining machines, he said, adding that bitcoin mining computers are listed as “automatic data processing machines” in the country’s legal regulations as they have no harmonised commodity description and coding system (HS code).

They are also not included in the list of prohibited imports in line with the Government’s Decree No. 69 dated May 15, 2018 that details articles of the Law on Foreign Trade Management, Hai said.

Therefore, regulations banning the import of the machines in specific cases are needed, the official noted.

SBV Deputy Governor Nguyen Thi Hong said in August 2017, Prime Minister Nguyen Xuan Phuc approved a project on completing the legal framework to manage and handle virtual assets, and digital and virtual currencies.

The PM has also assigned the Justice Minister to review the legal regulations on virtual assets and currencies in Vietnam and study international experience in this field, she said.

Digital currencies in the forms of e-wallets and master cards issued by banks have been circulated in accordance with the Law on E-Transactions and Decree No. 101 of the Government on non-cash payment, Hong said.-VNA