The craze for cryptocurrencies is increasing day by day even sinking market in recent times and harsh regulations not able to stop the love for tokens among investors, and mining is also booming day by day.
Vietnamese government came into action after customs observe an exponential increase in integrated and ASIC chips which is used for cryptocurrency mining activities.
These ASIC chips are now used for mining cryptocurrencies as their efficiency is quite well compared to other chips present in the market. The only problem is that of heating, so it requires a lot of energy to cool these chips so where there is a cheap electricity miner target those places.
General Department of Vietnam Customs declared that Vietnam had imported over 6,300 rigs, or application specific integrated circuit devices like ASIC chips which is basically now used in mining cryptocurrencies like Bitcoin, Ethereum etc in the first four months of the calendar year.
According to the departmental report last year, more than 9300 rigs were imported into the country and Chi Minh City and capital Hanoi became the heaven for the miners.
Trading cryptocurrencies are banned in the country so it became risky as means of payment, but mining is not banned so these miners found an opportunity because of low priced electricity and heating bills.
After observing the above trends Vietnam’s Finance Ministry came into action and proposed a temporary ban on import of these rigs even police had seized many rigs which were operating in the country.
To curb the use of cryptocurrencies as means of payment, Vietnamese prime minister Nguyen Xuan Phuc directs to credit institutions that not to carry out cryptocurrency related transactions and must report any suspicious activities.