Vietnam Inches Closer to Suspending Imports of Cryptocurrency Miners

The country's central bank has agreed to a proposed suspension of cryptocurrency miner imports, a local new source reported on Thursday.

AccessTimeIconJul 19, 2018 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 8:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Vietnam has moved a step closer to halting cryptocurrency miner imports, a local new source reported on Thursday.

According to Viet Nam News, State Bank of Vietnam (SBV), the country's central bank, has now agreed to a proposed plan to halt imports of the specialized mining devices since the country has already banned the use of cryptocurrency as a payment method.

The decision is a response to a proposal from the Ministry of Industry and Trade (MoIT) last month.

The ministry said at the time that since cryptocurrency miners are currently not on the list of prohibited imports, it has become difficult for local authorities to enforce the current restrictions on cryptocurrencies.

The MoIT proposal also followed a request from the Ministry of Finance in May that argued for a temporary suspension, given a recent crackdown by local authorities' over an alleged $660 million cryptocurrency fraud.

According to a news report from Xinhua last month, Vietnam imported more than 6,300 application-specific integrated circuit (ASIC) devices – used to mine cryptocurrencies like bitcoin – in the first four months of 2018. Over the whole of 2017, over 9,300 crypto miners reportedly entered the country.

Most of the imports went to Ho Chi Minh City and the national capital Hanoi, the report added, citing data from the General Department of Vietnam Customs.

Vietnam port image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.