Bitcoin mining rig usbank

News has emerged of yet another cryptocurrency-related ban — this time in Vietnam. However, this stipulation hasn’t stopped the occurrence of fraudulent activities in the country. 658 million ICO scam that defrauded more than 30,000 people. According to the ministry, mining rigs imported into the country are and were bitcoin mining rig usbank to create new cryptocurrencies and unregulated payment systems.

It is the belief that many of these mining activities are set up to defraud unsuspecting investors. Thus, the ministry is calling for a ban on all mining rig imports to combat the activities of fraudsters. This proposed ban follows Prime Minister Nguyen Xuan Phuc’s directive for stricter regulation of the market. Based on the directive, credit institutions in the country may not facilitate cryptocurrency transactions. Financial regulators and the Justice Ministry are also responsible for ensuring virtual currency stakeholders abide by the country’s anti-money laundering regulations. Vietnam’s need for a robust cryptocurrency regulatory framework came to the fore in September 2017.

Cryptocurrency Mining in Vietnam Even though cryptocurrencies are illegal in the country, Vietnam imports thousands of mining rigs annually. According to the General Department of Vietnam Customs, more than 6,300 mining rigs were imported into the country between January and April 2018. Last year, Vietnam imported almost 10,000 mining rigs. Saigon, Hanoi, and Da Nang are the principal cryptocurrency mining areas in the country.

Will the ban on cryptocurrency mining rigs help the government prevent cryptocurrency-related fraud? Let us know your thoughts on the matter in the comment section below. The post Vietnam Finance Minister Wants to Ban Bitcoin Mining Rigs appeared first on Bitcoinist. 7 news feed covering everything cryptocurrency-related. An awesome collections of stories about Bitcoin, Ethereum and other altcoins.