Vietnam Confirms Suspension of Bitcoin, Cryptocurrency Miner Imports

After months of deliberation, Vietnam has moved to halting imports of cryptocurrency mining equipment according to a customs department in the country. Domestic businesses and individuals have stopped importing crypto mining equipment altogether since the beginning of July, according to the Ho Chi Minh City (HCM) Customs Department, as reported by Viet Nam News on … Continued

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Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Mining Rig Imports Stop

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsBusiness and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 bitcoin and litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.

According to the HCMC Customs Department, businesses and individuals imported 3,664 crypto miners from the beginning of this year to August 6, most of which were Antminers from China. The news outlet reiterated:

According to information from the Customs Department of Ho Chi Minh City, from early July 2018 to now, organizations and individuals have stopped importing mining rigs.

According to the publication, four enterprises imported more than 3,000 machines this year; the rest were imported by “individuals and organizations [that] do not have [a dedicated] import tax code.” Viet Nam News added that “according to data from the General Department of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this year.”

Mining Rig Import Ban Looming

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsThe lack of crypto mining rig imports follows the proposal by the country’s Ministry of Industry and Trade “to suspend the import of cryptocurrency mining machines in a move to improve the management of currency transactions in the country,” the publication detailed.

The ministry has gained support from a few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV).

The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are “not on the list of goods banned from importation and are not subject to the list of specialised management or unsafe goods, so enterprises are easily allowed to complete the import procedures,” the publication explained, noting:

The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Vietnam according to the amended Decree 101 on non-cash payments.

In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities.”

Do you think Vietnam will eventually ban the import of bitcoin mining rigs? Let us know in the comments section below.


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The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition

The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition

In today’s edition of Bitcoin in Brief we cover a number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency, and demands by Vietnamese victims for an alleged fraudster’s extradition plus an update about Kickico.

Also Read: Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Tsinghua University Research Center

The Daily: New Education Centers, Vietnamese Ask for Fraudster’s ExtraditionChina Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has announced an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The stated purpose of the center is developing key technologies to support the blockchain ecosystem in the country, as well as common architectural systems and models needed to support blockchain applications for a range of industries.

Mr. Bin Yang, Vice President of Tsinghua University, noted, “The development of industry-trusted blockchain application technologies has become a vital national strategy for all countries. It is an important goal for us to deeply build digital ecosystems, which once integrated into our economy should speed up China’s economic transition by upgrading the industry standard. The digital transformation has only just begun and the development of industry trusted blockchain applications is expected to have a number of positive impacts for the society.”

Bahçeşehir University Innovation Center

According to media reports from Turkey, the Istanbul Blockchain and Innovation Center was inaugurated on Friday at Bahçeşehir University. It is said to work with students and entrepreneurs who want to conduct academic studies in the field. “The purpose of the BlockchainIST project is to be the most important center of research and development and innovation in Turkey in which scientific studies and publications are made in blockchain technologies. To this end, it is crucial to cooperate with other universities, the business world and government institutions,” stated Director Bora Erdamar. “We will strive to train Turkey’s human resources in blockchain and enable the country to lead the world in this area,” he added.

Hartford, Connecticut Chain Valley

The Daily: New Education Centers, Vietnamese Ask for Fraudster’s ExtraditionSeven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut. The company said it will be transforming Uconn’s former campus in West Hartford into a center for research, training, and business development with a $283 million investment expected to create 330 jobs over the next five years.

“We are thrilled to have found such a wonderful spot right here in central Connecticut,” Bruno Wu said. “It is here that the first students to ever leave China, the Mission Boys, settled in the late 1800s to study Western science and engineering. It is in the spirit of these students that we will build a facility so modern and dynamic that it will attract the best talent and companies, making this site the blockchain capital of the U.S. and the world. This fantastic location provides access to a highly skilled workforce, as well as more than 40 institutions of higher learning, and several major metropolitan areas all in proximity of this site. It is an ideal location for our firm to write our next chapter, and we could not be more excited to soon join this wonderful community in West Hartford.”

Vietnamese Ask for Fraudster’s Extradition

The Daily: New Education Centers, Vietnamese Ask for Fraudster’s ExtraditionOver 1,000 people have signed a Change.org petition asking for the extradition to Vietnam of Le Minh Tam, the CEO of Ho Chi Minh City-based crypto mining scheme Sky Mining. The petition claims that the alleged fraudsters behind the company “invited 5,000 persons with each investment package from $500 to $5000. They used money to buy machine to get Bitcoin and promised to share the profit with investors. But finally, they escaped with all money, estimated $36 million dollars. Their Victims are not only in Vietnam but also in Japan, Africa. Some of the victims borrow money or sold estate to invest, so now lose everything and someone had killed themselves. Cheaters buy house in San Jose California and now stay in Atlanta or Germany. We need them come back to Vietnam to solve problem. Please Expel them from your countries!” According to local media reports, the Vietnamese police said that Tam left the country on July 22 and flew to Doha, Qatar.

Kickico Update

Kickico, which recently recovered 70 million stolen KICK tokens following a hack, has promised to compensate all stolen KICK tokens and soon begin transferring funds to users’ wallets. The team has also reportedly planned an airdrop of a new project’s native coin (called U.Community) to current KICK token holders, and the estimated pool value may reach $40 million. “It was through the vigilance and collaborative efforts of our community and team which led to such a positive result. Clearly the market has positively reacted to our handling of the situation. Together with all the support from our users, this has led to the growth of the token’s value,” said Alexander Spirin, Head of Community at Kickico.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


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Crypto Mining Firm CEO Exit Scams with $35 Million in Investor Funds

The CEO of Sky Mining, a crypto mining company in Vietnam, has disappeared with investor funds totaling about $35 million, according to a local news outlet. About 20 investors of Sky Mining reported the matter to the local police in the Phú Nhuận District after learning that “approximately 600 mining machines had been removed” by

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Mining Round-Up: Sky Mining CEO Flees with $35 Million, Texas Attracts Miners

Mining Round-Up: Sky Mining CEO Flees With $35 Million, Texas Attracts Miners

In recent mining news, it has been alleged that the CEO of Vietnam-based Sky Mining has fled the country with $35 million USD in investor funds in his possession. Meanwhile, in the US, Tmgcore has acquired a 100-megawatt data center in Dallas, Texas, and local media have reported that Bitmain will open a mining facility in a former aluminium smelter in Rockdale, Texas.

Also Read: Market Caps for Privacy-Centric Currencies Have Dropped Significantly

Investors Allege CEO of Vietnamese Mining Company Fled to U.S. With $35 Million

Mining Round-Up: Sky Mining CEO Flees With $35 Million, Texas Attracts MinersInvestors and board members of Ho Chi Minh City-based Sky Mining have expressed fears that the company’s chief executive officer, Le Minh Tam, has fled the country and run away with approximately $35 million USD in investors funds.

According to local media, Mr. Tam has not been contactable since Monday, with the exception of an apology note posted to investors on Wednesday via Facebook. Investors reportedly visited the company’s main office in Phu Nhuan District to discover “the building closed and the company nameplate removed.” Additionally, “all 600 mining machines in the company’s factory in the neighboring Dong Nai Province’s Bien Hoa Town had been taken away by a group of people claiming to be maintenance workers.”

Le Minh Hieu, the deputy chairman of the company, is forming a temporary board to “support investors and calculate the remaining asset[s] of the company,” and has accused the CEO of fleeing to the United States. “[The board] has reported this to the police and showed evidence that we are not guilty,” said Mr. Hieu.

Bitmain to Open Mining Facility in Former Aluminum Smelter

According to local media, Bitmain will be opening a bitcoin mining facility in a former aluminum plant in Rockdale.

Jeff Mosier, an energy and environment reporter for Dallas News, states: “The new Bitcoin mining facility is going to be opening at the former Alcoa Aluminum smelter, and that’s next door to the coal plant that just closed. So now that that’s gone, they have a big industrial facility with lots of electricity infrastructure [capable of] Bitcoin mining, which is essentially a huge server farm.”

No indication has been made as to when the facility will launch operations, however Dallas News reports that a listing on job site Indeed.com indicates that Bitmain Technologies is seeking to employ a project manager for the Rockdale location. According to the publication, the facility is expected to create “300 to 500 jobs.”

Tmgcore Purchases $60 Million Data Center in Dallas

Mining Round-Up: Sky Mining CEO Flees With $35 Million, Texas Attracts MinersMining company Tmgcore has acquired a “$60 million USD, 150,000-square-foot data center” in Plano, Dallas, according to local media.

The facility is reportedly capable of a 100-megawatt power load, with the Tmgcore chief executive officer, JD Enright, stating: “One of the things you need is a lot of power, and there’s not a lot of places with 100 MW lying around.”

Mr. Enright claims that the company has “developed a two-phase liquid cooling Immersion technology to dramatically decrease cooling costs by up to 90 percent, allowing us to mine anywhere — even in Plano in the middle of the summer.”

Do you think that Texas will continue to see investment from cryptocurrency mining companies? Share your thoughts in the comments section below!


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Vietnam’s Securities Watchdog Bans Industry from Cryptocurrency Activity: Report

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has reportedly forbidden industry firms from engaging in cryptocurrency-related activities. Vietnam’s official state news agency is reporting that the country’s securities markets watchdog has ‘required’ the industry to not partake in “any issuance, transaction or brokerage activities related to cryptocurrencies” in a circular … Continued

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Vietnamese Regulator Tells Firms and Funds to Stay Away From Crypto

Vietnamese Regulator Tells Firms and Funds to Stay Away From Crypto

Vietnam’s securities watchdog has required local businesses not to engage in transactions with cryptocurrencies. The announcement follows a directive issued by the country’s prime minister earlier this year aimed at tightening what Vietnamese regulators call the management of crypto activities.

Also read: China Releases Ranking of 31 Crypto Projects

Securities Watchdog Asks Companies to Obey AML Rules

The State Securities Commission of Vietnam (SSC) has required relevant companies and funds not to engage in any issuance, transaction or brokerage activities related to cryptocurrencies. The measure, referred to by local media as a ban, affects public companies, securities companies, fund management firms and securities investment funds. They have also been asked to obey anti-money laundering (AML) regulations.

Vietnamese Regulator Tells Firms and Funds to Stay Away From Crypto

According to the SSC, the announcement is based on Directive No 10/CT-TTg signed on April 11 by Vietnam’s Prime Minister, Nguyen Xuan Phuc, Viet Nam News reported. The document puts an emphasis on strengthening the management of activities related to bitcoin and other cryptocurrencies. The outlet also notes that the use of digital currencies is prohibited in Vietnam.

Not the First Anti-Crypto Measure

This is not the first administrative measure aimed at curbing crypto activities in the country. In April, the State Bank of Vietnam (SBV) banned commercial banks, payment services providers and intermediaries from making transactions involving cryptocurrencies. The central bank also issued a warning stating that such activities may increase the risks of money laundering, terrorism financing, trade fraud and tax evasion.

Vietnamese Regulator Tells Firms and Funds to Stay Away From CryptoLast October, the SBV declared that cryptos do not represent a “lawful means of payment” in the Asian country. Its proposals in that respect, which were submitted to the government in Hanoi, included a ban on the issuance, distribution, and use of cryptocurrencies as well as criminal prosecution and fines for their users.

Recently, citing the familiar argument – the need to improve the management of cryptocurrencies in Vietnam – the Ministry of Finance, the Ministry of Industry and Trade, and the SBV reached an agreement to suspend the import of crypto mining equipment. The proposal came from the Finance Ministry in June, as news.Bitcoin.com reported.

Fraud and Scam in Vietnam

Vietnamese Regulator Tells Firms and Funds to Stay Away From CryptoIn the past couple of years, the Vietnamese mining sector has been growing rapidly leading to a significant increase in the number of imported mining rigs. Digital coin minting, however, has caused concern in Hanoi. In May, close to 150 Vietnamese government agencies, financial institutions and businesses took part in a large cyber-security drill aimed at preventing the spread of mining malware.

Crypto-related fraud has played a role in shaping the current attitude of Vietnamese authorities and regulators towards the crypto space. The country recently had to deal with one of the largest scams in crypto history in which more than 30,000 people were defrauded into investing in the Ifan and Pincoin currencies.

What are your expectations for the future of cryptocurrencies in Vietnam? Share your thoughts in the comments section below.


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Vietnam’s Central Bank Thinks Cryptocurrency Miners Should Be Banned

Vietnam's Central Bank Thinks Cryptocurrency Miners Should be Banned

According to regional reports, the State Bank of Vietnam (SBV) has agreed with a proposal to ban imported cryptocurrency mining machines in order to keep the digital currency economy tethered tightly to the government’s regulatory frameworks. The proposal was introduced by the country’s Ministry of Industry and Trade (MoIT) after the SBV announced that cryptocurrency use within Vietnam was not a “lawful means of payment” this past October.

Also read: Bitcoin Vietnam Faces Losing its Domain from Government

The State Bank of Vietnam Agrees Cryptocurrency Miners Should be Banned

Vietnam's Central Bank Thinks Cryptocurrency Miners Should be BannedLately, Vietnam’s government and regulatory bodies haven’t been too friendly towards the cryptocurrency industry. Last October the country’s central bank detailed in a letter to the public that bitcoin and other cryptocurrencies were not a “lawful means of payment.” Furthermore, if Vietnam residents decided to use “bitcoin and other similar virtual currency they may be subject to prosecution.” Then, this past June, news.Bitcoin.com reported on Vietnam’s Ministry of Finance initiating the idea that the country’s governing authorities should ban cryptocurrency mining device imports.

Now the local Việt Nam News reports that the central bank agrees with a proposal written by the Ministry of Industry and Trade (MoIT) which calls for the banning of these mining machines. Vietnam’s MoIT and the SBV believe that letting these devices come into the country makes it harder for the government to regulate bitcoin and other virtual currencies. Many Vietnamese officials have been deliberating on how to handle the cryptocurrency industry and in April the country’s Prime Minister, Nguyễn Xuân Phúc, signed an initiative to tighten regulatory guidelines.

Crypto-Fraud Sparked the Regulatory Crackdown

Vietnam's Central Bank Thinks Cryptocurrency Miners Should be BannedThe Ministry of Finance and MoIT have explained the reason for the current regulatory proposals towards mining rigs is because they want to protect Vietnamese consumers from scams in the future. All of the latest regulatory announcements towards cryptos have followed the recent Vietnamese law enforcement bust that dealt with the largest cryptocurrency fraud case that claimed more than 32,000 victims. The officials think that banning cryptocurrency mining machine imports will further help protect local consumers until virtual currency regulations are more solidified.

Việt Nam News also details that the General Department of Customs estimates that the country has imported 15,600 mining devices from 2017 to April 2018. The state administration of customs says that a great majority of machines were imported to areas such as Đà Nẵng, Ho Chi Minh City, and Hà Nội.

What do you think about Vietnam’s state administrations attempting to ban cryptocurrency miners in the country? Let us know your thoughts on this subject in the comment section below.


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Vietnam’s Central Bank Approves Call to Suspend Import of Cryptocurrency Miners

Vietnam is closing in on a sweeping move to – temporarily – ban the import of ASIC cryptocurrency mining equipment after the central bank approved the proposed plan. The State Bank of Vietnam (SBV), the country’s central bank, is in agreement with a government ministry’s proposal to suspend imports of cryptocurrency miners, local publication Vietnam

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Vietnam Proposes Import Ban on Bitcoin Mining Equipment

Vietnam Proposes Import Ban on Bitcoin Mining Equipment

Vietnam’s Ministry of Finance has officially proposed that the country bans the import of cryptocurrency mining equipment. Bitcoin mining rigs are currently easily imported into Vietnam. This proposal follows the largest crypto fraud case in the country involving over $656 million and more than 32,000 victims.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Ministry of Finance’s Proposal

Vietnam Proposes Import Ban on Bitcoin Mining EquipmentIn the recently released report containing the opinions of the ministries involved in the management of bitcoin and other cryptocurrencies in Vietnam, the country’s Ministry of Finance proposes suspending the importation of mining equipment, according to local media. This report, referred to as Document 5964 / BTC-TCHQ, has been submitted to the country’s prime minister. Zing.vn publication elaborated:

According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures.

Vietnam Proposes Import Ban on Bitcoin Mining EquipmentThe ministry outlined in its report that the use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authority to manage. “From there, it is easy for people to use [cryptocurrencies] as a currency or another method of payment,” the City Economic News Kinhte & Dothi quoted the ministry. “This is in violation of the amended government Decree 101 on non-cash payments,” Zing.vn conveyed.

The publication also noted that data from the General Department of Vietnam Customs shows that “from 2017 to half of 4/2018, the country imported about 15,600 mining machines,” adding that most of them were imported into Hanoi, Ho Chi Minh City, and Da Nang. Last year, more than 9,300 rigs were imported into Vietnam and over 6,300 rigs were imported in the first four months of this year.

Decision to Ban Mining Imports

The ministry also referred the case where Modern Tech Corp in Ho Chi Minh City was “accused [of] over VND 15 trillion [~US$656 million] of fraud by more than 32,000 people through its Ifan and Pincoin virtual currency investment models.” According to the ministry, protecting the Vietnamese people from similar scams in the future “requires state management agencies to take strict control measures with the import and use of this commodity.” The Vnexpress reiterated:

To prevent other possible events, in the immediate future, the Ministry of Finance proposed to apply the import suspension measures for the above types of mining equipment.

The Vietnamese Prime Minister Nguyễn Xuân Phúc recently signed a directive to strengthen “the management of activities related to bitcoin and other virtual currencies,” as news.Bitcoin.com previously reported.

What do you think of the proposal to ban mining rig imports? Let us know in the comments section below.


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Chinese Miners Are Finding Relocation Difficult in Southeast Asia

Chinese Miners Are Finding Relocation Difficult in Southeast Asia

According to a recent report, cryptocurrency miners from China have been flocking to regions in Southeast Asia like Vietnam, Myanmar, and Cambodia. However, a relocated Chinese miner based in Cambodia says miners trying to find safe havens in other Southeast Asian countries are having difficulties, and losing money every month due to residents complaining and unreliable power.

Also read: Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period

Chinese Miners Who Relocate Are Finding Other Regions Located in Southeast Asia More Difficult

Mining in China is still allowed but there have been rumors of government crackdowns, and because of this speculation many mining operations based in the country have begun to relocate. Some operations who still seek out cheaper Chinese electricity tariffs moved to the border towns in Yunnan, but lots of Chinese miners have relocated to other areas in Southeast Asia like South Korea, Vietnam, Cambodia, and Myanmar. Although government officials and residents living in these regions have been giving miners a hard time according to a relocated miner named Zhang Han.

Chinese Miners Are Finding Relocation Difficult in Southeast Asia
Zhang relocated to Cambodia from China and found that local rent is quite cheap, a 500 square-meter large shack only charges 500,000 riel ($100) per month, and you can hire two local young labors at the cost of only $100. But Cambodian mining operations have posed other problems for Chinese miners.

Zhang says that he had miner friends that already “occupied” the suburbs of Cambodia and Myanmar. He did the math and found areas in Southeast Asia still offer much cheaper electricity than other countries worldwide. However, the miner explains he is not too happy with the move and states “I really regret it.” At first, Zhang found that Cambodia was expensive in some areas of operations, but less expensive in other areas when compared to other regions.   

“Compared with other miners who choose Vietnam and Myanmar, the electricity in Cambodia is slightly more expensive, but it costs less in other expenses,” Zhang explains in his recent interview.

It costs almost the same in Cambodia as industrial electricity price in China, 1.3 yuan ($20 cents) per kilowatt-hour (kWh), but you can take advantage of electricity theft from streetlamp facility with the help of some insiders.

Chinese Miners Are Finding Relocation Difficult in Southeast Asia
Accessory costs and maintenance is much more expensive than China. Some things can be 3X the price says Zhang.

Accessories Costs and Operations Maintenance is More Expensive Abroad for Relocated Chinese Miners

The accessories costs and operations maintenance is what gave his mining operation headaches, Zhang explains. “Maintenance and accessories are very big problems, and it can also be said that the cost of supplies is very high,” Zhang details. “But hardware maintenance is a challenge, it would cost you a great sum – at least 3 times higher than the cost back in China, especially in hot days when entering March. Buying parts here is really a big headache, we have no choice but to purchase them from China, which would take days or even weeks to have it available in operation here.”

At times we turn to local miners for help, while they would seize the opportunity to ask for unfairly high price for a tiny fitting. 

Chinese Miners Are Finding Relocation Difficult in Southeast Asia
Many areas in Southeast Asia experience lots of power outages and Zhang’s operation deals with electrical outages frequently. However, Zhang says you can take advantage of electricity theft from streetlamp facility with the help of some “insiders.”

Chinese Miners Also Face Unfriendly Local Competitors and Residents Who Might Report Electrical Theft

Zhang further realized that Cambodia suffered from significant power outages where there is no electricity for a whole day or even longer. The miner says in order to mitigate the problem, if an operation happens to have a connection with a power company “insider,” they can steal power from a nearby streetlight. However, local residents may report this method to the authorities, and Zhang says residents are not too friendly towards Chinese miners right now. Additionally, local miners and financial institutions backed by Western countries are also not pleased with Chinese miners relocating to these countries.

“Apart from the local residents and miners, institutions funded by western countries are also unfriendly to us — They are all trying to squeeze us out of here — And I’m considering that,” Zhang concludes.

What do you think about relocated Chinese miners having issues in other areas of Southeast Asia? Let us know your thoughts on this subject in the comments below. 


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New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines

The number of new cryptocurrency exchanges is rapidly growing worldwide. This new crypto exchange roundup features four platforms located in South Korea, Thailand, Vietnam and the Philippines.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

South Korea’s Coinbit

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the PhilippinesSouth Korean game developer Axia Soft Co. Ltd. has recently launched a crypto exchange called Coinbit. For its grand opening, the exchange is offering zero commission trades until the end of May.

Coinbit says 50 cryptocurrencies will be listed initially and more than 100 coins will be listed by the end of the year. Among supported cryptocurrencies are bitcoin, ether, ripple, bitcoin cash, ethereum classic, litecoin, waves, stox, eos, vechain, omisego, qtum, and neo.

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines

Thailand’s Jibex

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the PhilippinesCryptocurrency exchange Jibex has recently opened its doors in Thailand. The exchange is backed by IT company J.I.B. Computer Group Co. Ltd, a distributor and seller of computer hardware and IT trading products with 150 stores nationwide.

Initially, only five cryptocurrencies will be supported: bitcoin, bitcoin cash, ether, litecoin, and ripple. More will be added in the future, according to Jibex CEO Thuntee Sukchotrat. The exchange also offers a wallet supporting those five cryptocurrencies.

For the grand opening, Jibex is waiving its commission of 0.24%. No trading fee will be charged for 45 days ending on June 26.

Jibex Chairman Dr. Thantharaksuk Chotirat commented:

The partnership with J.I.B. Computer Group (JIB) will give users peace of mind and confidence in their investment. The service is good, fast and attentive to all customer needs.

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines

Vietnam’s Kenninex

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the PhilippinesKenninex crypto exchange has recently launched in Vietnam, headquartered in Ho Chi Minh City.

The exchange claims to be “the first live cryptocurrency exchange in Vietnam…[and] the first e-money trading platform in Vietnam to have a trading office where investors can experience our services as well as receive effective investment advice,” according to its website.

Customers can currently convert bitcoin and ether into VND and vice versa. The transaction fee is usually 0.4% but has been reduced to 0.2% for the first month of launch, according to local media.

The Philippines’ Coinvil

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the PhilippinesWhile Coinbit, Jibex, and Kenninex have already launched, this next exchange has not. South Korean blockchain technology and services company Glosfer and Coinvil have agreed to collaborate to build and launch a cryptocurrency exchange in the Philippines. Glosfer will build the platform while Coinvil will operate the exchange. Coinvil CEO Park Rae-hyun commented:

The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia.

Do you think the number of new cryptocurrency exchanges will keep growing? Let us know in the comments section below.

Disclaimer: None of the information on news.Bitcoin.com is intended as investment advice, an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

The Hanoi Department of Industry and Trade has prohibited organizations and individuals involved in e-commerce business in the city from using bitcoin and other cryptocurrencies. This follows a directive signed by the country’s prime minister intended to strengthen the legal framework of cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Banning Crypto Use in E-commerce

The Hanoi Department of Industry and Trade announced on Saturday that it has sent document No. 1638 / SCT-QLTM to “organizations and individuals directly or indirectly related to e-commerce business in Hanoi [to] not use bitcoin and other virtual currencies (cryptocurrencies) to settle e-commerce transactions online.” Citing that if violations are detected, “they shall be strictly dealt with according to the provisions of the law,” the regulator wrote:

The Department of Industry and Trade requires organizations and individuals who are directly or indirectly involved in e-commerce business in Hanoi to strictly abide by the above-mentioned regulations and do not use bitcoin and other virtual currencies….in payment of e-commerce transactions, online purchases and sales, [and] payment [of] online services in contravention of Vietnamese law.

Vietnamese Law on Crypto

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsCiting provisions of the government’s Decree No. 101/2012 / ND-CP on non-cash payment instruments, the document reiterates, “bitcoin and other similar virtual currencies are not legal means of payment in Vietnam; The issuance, supply, use of bitcoin and similar virtual currency is prohibited in Vietnam.”

Violations are subject to a “fine of between VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for individuals and for organizations with two times the fine level for personal,” the document emphasizes. Furthermore, as of January this year, issuing and using cryptocurrencies “may be subject to criminal prosecution.”

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsLast week, the Vietnamese Prime Minister Nguyễn Xuân Phúc signed a directive to strengthen the management of activities related to bitcoin and other cryptocurrencies. This follows reports of the country’s “biggest digital money fraud in history,” which duped approximately 32,000 Vietnamese out of VNĐ15 trillion (~$658 million). The police are currently investigating the case.

Meanwhile, the Justice Ministry, the State Bank of Vietnam (SBV), and related agencies are working on the regulatory framework for cryptocurrencies. According to the Ho Chi Minh City Customs Department, the number of bitcoin mining rigs legally imported into the country has skyrocketed since last year, prompting the department to propose a ban on their imports. Earlier this year, the department revealed that, in the first three weeks of January, almost 8,000 mining rigs were legally imported into the city.

What do you think of Hanoi prohibiting the use of crypto for e-commerce transactions? Let us know in the comments section below.


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Vietnam’s Prime Minister Directs Central Bank to Strengthen Cryptocurrency Framework

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework

The Prime Minister of Vietnam has signed a directive for the country’s central bank and the Ministry of Finance to strengthen the management of cryptocurrency-related activities. This follows an alleged fraud involving a cryptocurrency that scammed 32,000 Vietnamese out of VNĐ15 trillion.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Prime Minister’s Directive

The Vietnamese Prime Minister Nguyễn Xuân Phúc has signed a directive to strengthen “the management of activities related to bitcoin and other virtual currencies,” Viet Nam News reported, elaborating:

To limit the risks and adverse impacts on society, as well as promptly detect, prevent and handle fraud, the Prime Minister asked the State Bank of Vietnam (SBV) to direct credit institutions and intermediary payment service organisations not to conduct illegal transactions related to digital currencies.

The authorities have repeatedly warned about the risks associated with cryptocurrencies “as well as their use for criminal activity such as money laundering, terrorist financing, illegal remittance, tax evasion and fraud,” the news outlet added.

Preventing Crypto Scams

This directive follows an alleged crypto fraud involving a theft of VNĐ15 trillion (~USD$658 million) from 32,000 victims in Ho Chi Minh City. Dozens of investors protested over the weekend at the office of Modern Tech Jsc Co, which marketed the Ifan tokens. They carried banners saying “biggest digital money fraud in history,” the publication conveyed, adding that the location turned out to be a ghost address with no sign of company activities.

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework
Protesters holding banners outside Modern Tech office. Photo: Huy Hung.

For an investment of $1,000 or more, Modern Tech promised a return of at least 48% in cash and an additional 8% for recruiting other buyers, one protester explained. However, the global decline of the crypto market has caused Ifan’s value to plummet to about 1 US cent and the company subsequently changed its policy to pay out interest and principal back in the Ifan currency instead of cash, the publication described.

The SBV has been closely following this case, the news outlet reported a central bank official indicating. “We are gathering information about the case, but officially we haven’t launched an investigation until we receive accusations from any of the alleged victims,” Le Dong Phong, the police chief of Ho Chin Minh City told Reuters.

Crypto Laws In the Works

According to the Prime Minister’s directive, financial organizations must “strengthen their management, review and report suspicious transactions related to cryptocurrencies,” Viet Nam News added.

Vietnam’s Prime Minister Directs Central Bank to Strengthen Crypto Framework
Vietnamese Prime Minister Nguyễn Xuân Phúc.

Following the directive signing, the Vietnamese Government Office published Letter No. 2768 / VPCP-KTTH on Wednesday to provide directions for the Ministry of Finance, Information and Communication as well as the SBV to follow, according to the Government Gazette.

The Prime Minister continues to put the Ministry of Justice in charge of studying and completing a “uniform and unified legal framework on the management and handling of virtual currency, virtual property and electronic money,” the Gazette detailed. The Justice Ministry, the SBV, and other related agencies are already carrying out the crypto-related tasks assigned by the Prime Minister in a directive submitted in January. According to the Gazette, the Justice Ministry sent a written statement to the Prime Minister, stating:

Although there are no regulations on virtual currency, there are also no rules that ban transactions using virtual currency.

The SBV also submitted its comments to the Prime Minister, emphasizing that it “is the only agency issuing paper money and coins” which are the only legal means of payment in Vietnam. “As such, the SBV believes that bitcoin and other similar virtual currencies are not currencies and legal means of payment in Vietnam. The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam,” the Gazette reiterated.

What do you think of the Vietnamese Prime Minister’s directive on cryptocurrency? Let us know in the comments section below.


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Vietnam Investigates Alleged $660 Million ICO Fraud of Pincoin, Ifan

Vietnamese authorities have asked local ministries and the police to investigate two allegedly fraudulent initial coin offerings (ICOs) that conned 32,000 investors out of a staggering $660 million. The operators of the purported ‘cryptocurrency’ startups fundamentally conducted multi-level marketing schemes, local news outlet Tuoi Tre News reports, pointing the finger at Pincoin and Ifan that … Continued

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