“Excavator” Bitcoin continues importing to HCM City

A shipment of process Bitcoin data machines that imported via express. Photo: L.T

According to Express Customs Branch – HCM City Customs Department, the automatic processing data machine for exploiting Bitcoin still continues importing to HCM City via express because it is not in the list of prohibited import goods. The importers are enterprises and individuals.

Earlier, as of 31/10/2017, at Express Customs Branch – HCM City Customs Department received 98 import declarations of automatic machine processing data. Total declarations were 1,478 dossiers with total value over $US 2.182 million and total tax payment was nearly VND 5 million.

The above machines were imported by 3 enterprises and some individuals, and an organization that did not have a tax code.

According to HCM City Customs Department, in order to use Bitcoin and some “crytocurrencies”, it needs to have an automatic processing data machine for exploiting crytocurrency via online.

However, on 28/10, the State Bank has issued a press release asserting Bitcoin and other crytocurrencies were not legal means of payment in Vietnam. The issuance, supply and use of Bitcoin and other crytocurrencies are prohibited in Vietnam.

At the same time, the State Bank also said that as from 1/1/2018, The issuance, supply and use of Bitcoin and other crytocurrencies will be charged with criminal violation under the Criminal Code Law (Amendments and Supplements) in 2017

Therefore, the import of automatic data processing machines Bitcoin, and litecoin, that are involved in prohibited activities in Vietnam will be charged with criminal violation.

From the above facts, the HCM City Customs Department has reported and proposed General Department of Vietnam Customs to stop importing these types of machinery. Currently, the General Department of Vietnam Customs has issued a document to exchange with related units for the import of the above machines.