In the past few months, Vietnam has found itself in a situation where the issue of Cryptocurrency regulation in the country has become confusing. Unlike most countries that have taken specific stands, it appears different government agencies in the country have different views about regulation. Whereas the Finance Ministry proposed banning the importation of Crypto mining equipment, the Ministry of Industry and Trade is against the proposal. The country’s Ministry of Justice, on the other hand, has recommended the consideration of various pros and cons of the innovation before making the final decision.
The Ministry Of Justice Calls For Consensus In Crypto Regulation
Crypto traders and enthusiasts in Vietnam are still unsure of the fate of the sector in the country. In a recent submission by the Ministry of Justice to the government in Hanoi, the ministry reviewed the current legislation and an overview of Crypto-related activities in the Southeast Asian country. The ministry also presented some of its recommendations that it feels are important.
While submitting its proposal, the Ministry of Justice considered the various decisions that different countries in the world have taken with regard to Cryptocurrency regulation. In the first approach, the ministry considers “floating,” which involves establishing a lax regulatory regime. The second one, “prohibiting” means banning Cryptocurrencies and related activities. The third proposal is legalizing virtual currencies through the introduction of some conditions.
According to the Department of Civil and Economic Laws’ director Nguyen Thanh Tu, the ministry has considered the various benefits and potential risks of Cryptocurrencies. Vietnamnet, a local news outlet quoted the senior official saying the government will rely on their recommendations when deciding on this hot issue.
Cryptocurrency Market Growing In Vietnam
Vietnamese, just like most of the other nationals around the world are embracing Cryptocurrencies. A recent report shared by Việt Nam News, about 1 percent of the country’s population uses the virtual currencies. This translates to almost one million individuals. The local Cryptocurrency exchanges have played a major role in driving the growth of the sector.
Finance Ministry Proposes Ban On Crypto Mining Equipment
Recently, Cryptocurrency mining has continued to gain popularity in Vietnam and has helped in creating job opportunities. Many locals and companies are now making money through the minting of coins. Nevertheless, these activities have not gone so well with all the authorities in the country.
The popularity of Cryptocurrency mining has been growing according to the figures released by the General Department of Vietnam Customs. According to the agency, in 2017, the country had imported over 27,000 mining components in the country. In the first five months of this year, the country has imported over 15,000 such machines.
This past summer, however, the Finance Ministry proposed a ban on the importation of such machines. The proposal received support from the Ministry of Public Security and the State Bank of Vietnam. Nevertheless, the Ministry of Industry and Trade is opposed to the proposal. Although the Ministry of Information and Communications has helped in the classification of these devices, video cards could be used in other activities apart from Cryptocurrency mining. The Ministry of Industry and Trade is of the opinion that the ban may end up affecting all the businesses in the country that use such hardware.