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.
Hanoi (VNA) –The Ministryof Industry and Trade (MoIT) has worked with the Ministries of Finance andJustice and the State Bank of Vietnam (SBV) to propose suspending imports ofcryptocurrency mining machines, said a MoIT official.
Speaking at the Government’s Julypress conference, MoIT Deputy Minister Do Thang Hai explained that virtualcurrencies like bitcoin are not viewed as currency nor a legal payment methodin Vietnam.
The MoT has set forth measures tomanage the import of virtual currency mining machines, he said, adding that bitcoinmining computers are listed as “automatic data processing machines” in thecountry’s legal regulations as they have no harmonised commodity descriptionand coding system (HS code).
They are also not included in thelist of prohibited imports in line with the Government’s Decree No. 69 datedMay 15, 2018 that details articles of the Law on Foreign Trade Management, Haisaid.
Therefore, regulations banning theimport of the machines in specific cases are needed, the official noted.
SBV Deputy Governor Nguyen Thi Hong saidin August 2017, Prime Minister Nguyen Xuan Phuc approved a project oncompleting the legal framework to manage and handle virtual assets, and digitaland virtual currencies.
The PM has also assigned the JusticeMinister to review the legal regulations on virtual assets and currencies inVietnam and study international experience in this field, she said.
Digital currencies in the forms of e-walletsand master cards issued by banks have been circulated in accordance with theLaw on E-Transactions and Decree No. 101 of the Government on non-cash payment,Hong said.-VNA
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Illustrative image (Source: VNA) 
