Stop importing Bitcoin diggers to Ho Chi Minh City

VCN- Nearly 5,000 automatic data processing machines for exploiting online virtual currency (Bitcoin diggers) were massively imported via express delivery, but from the beginning of July 2018 to now, there have not been any virtual currency diggers imported into Ho Chi Minh City.  
stop importing bitcoin diggers to ho chi minh city Bitcoin diggers were massively imported to Ho Chi Minh City
stop importing bitcoin diggers to ho chi minh city Potential risks from the import of Bitcoin diggers
stop importing bitcoin diggers to ho chi minh city
Bitcoin diggers are imported by individuals in Vung Tau.

Stop importing

According to Ho Chi Minh City Customs Department, after receiving information that the Ministry of Finance had proposed to the Government to ban Bitcoin digger imports, in June 2018, individuals and organizations imported 941 Bitcoin Diggers into Ho Chi Minh City, increasing by over 200 diggers compared to the average number in previous months.

However, from the beginning of July 2018, individuals and organizations have stopped importing Bitcoin diggers via express delivery. In fact, there have not been any diggers imported into Ho Chi Minh City.

In the first six months of 2018, nearly 5,000 automatic data processing machines for exploiting online virtual currency were imported into Ho Chi Minh City. These machines were imported by 5 enterprises, and the remaining diggers were imported by individuals and organizations without tax codes.

Of which, there were many types of diggers, but they were mainly Bitcoin and Antminer automatic data processing machines for exploiting online virtual currency trading. Besides, some machines are virtual servers.

According to the reporter’s study, among the 5 enterprises importing over 4,000 Bitcoin diggers, there is one newly established enterprise that has been operating over 9 months, from the beginning of 2018 to now, this enterprise imported over 3,000 diggers.

According to the enterprise’s advertisement, customers can buy many types of diggers, including Bitcoin, ETH, Litecoin, Dash digger, and will be instructed specifically about the use as well as choice of the most effective coin.

According to Ho Chi Minh City Customs Department, in order to use Bitcoin and other virtual currency diggers, it is necessary to have automatic data processing machines for exploiting online virtual currency. Facing the massive imports, right from the end of 2017, Ho Chi Minh City Customs Department reported and proposed the General Department of Vietnam Customs to ban the import of these machines. The General Departments of Vietnam Customs exchanged with relevant units for the import and management of these machines.

stop importing bitcoin diggers to ho chi minh city
Bitcoin diggers were imported via express delivery. Photo: T.H

Whether preventing trick or not

According to the Ho Chi Minh City Customs Department, the Customs agency has detected abnormal signs of massive imports of tens of thousands of Bitcoin diggers by individuals and organizations over the past time. However, as per provisions in the Government’s Decree 187/2013/ND-CP, the automatic data processing machines for exploiting online virtual currency including Bitcoin and Litecoin are not subject to the list of goods banned from import or suspended from import, or need an import license. Therefore, it is impossible to take measures to restrict individuals and enterprises from importing. The Customs agency has promptly reported and warned the competent authorities.

After the Ministry of Finance reported and proposed the Government to consider banning Bitcoin digger imports, at the regular government press conference in the beginning of August, Deputy Governor of State Bank, Nguyen Thi Hong said that currently regulations on virtual currency and assets are not specified. However, on 21st August 2017, the Prime Minister issued a decision on approval of a scheme to improve the legal frame work for the management of virtual currency and assets. The Government assigned the Ministry of Justice to study and improve the legal framework.

In addition, the State Bank has issued an official letter not to recognize Bitcoin as well as other virtual currencies as legal currency in Vietnam. However, recently in Ho Chi Minh City, many investors have consecutively mobilized VND thousands of billions from other investors via virtual currency system and then vacated, causing major concerns in society.

In fact, the leader of the People's Committee of HCM City has issued an official letter to request the Police to investigate cases. At the same time, in order to strengthen the management of Bitcoin and other virtual currencies, the Ho Chi Minh City People's Committee has also directed the units to continue coordinating the management and handling for the virtual assets, e-currency and virtual currency in the city.

stop importing bitcoin diggers to ho chi minh city Potential risks from the import of Bitcoin diggers

The import of automatic data processing machines Bitcoin and Litecoin has signs of increasing. Customs is worried ...

Accordingly, the units shall intensify the inspection and supervision to promptly detect, prevent and strictly handle violations related to virtual currency, especially the financial mobilization and multi-level business activities and frauds on the internet through virtual currency, or impersonation for virtual currency investment and business to appropriate properties. Attaching importance to propaganda and warnings to raise people's awareness about risks and consequences related to trading, investment and virtual currency business.

In 2017, over 7, 000 automatic data processing machines for exploiting Bitcoin, Litecoin online virtual currency were imported into Ho Chi Minh City via express delivery by 7 enterprises and some individuals and organizations without tax codes.

By Le Thu/Ngoc Loan

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