Vietnam is becoming a serious player in the mining industry. According to the latest data of the Customs Department, in January 2018 the country had imported 7 932 device for mining is more than in all of 2017.
Vietnam is among the countries where bitcoin and other cryptocurrencies are still not considered legal tender, and the digital currency cannot be used domestically to pay for goods and services.
The cost of imported this year mining farms – more than $ 12 million. The Tuoi Tre newspaper reports that tax revenues from import of equipment for mining amounted to almost 1.23 million dollars. The current price of a farm or ASIC-miner ranges from 3 000 to 4 000 dollars. The publication Tianphong it is noted that in early 2016, similar devices cost from 1 540 to 1 760 dollars, but the rise of bitcoin has triggered higher prices for mining equipment.
Despite the fact that bitcoin’s rally is stopped and he has lost much in price over the last month, the cost of equipment remains high and reaches 4 to $ 400. According to reports, in 2017, Vietnam only imported 7 005 equipment units, 5 of which 527 were imported into the country at the peak of growth of bitcoin prices in November last year.
Edition Tianphong quoted a government official who stated that the import of mining farms is legal, because there are no rules prohibiting the importation of such goods». He also added that the current policy of the Central Bank against bitcoin and other cryptocurrencies is that they are not legal tender in Vietnam.
The official also added that from 1 January 2018, the citizens of the country who are trying to use cryptocurrency as a means of payment, may be fined in an amount equivalent to 6 600 – 8 000 dollars, and also subject to criminal prosecution.