The MoIT has raised concerns that the suspension of imports will affect production and business activities of enterprises using these devices (Photo: plo.vn) Hanoi (VNS/VNA) - The Ministry ofIndustry and Trade (MoIT) has proposed not to suspend the imports ofcryptocurrency mining machines (HS code 8471.80.90) in order to ensure theproduction and business activities of enterprises.
The proposal was made in a document on themanagement of importing automatic data processing machines written by the MoITand recently submitted to the Prime Minister.
Statistics from the General Department of VietnamCustoms showed that the country imported more than 27,239 products in 2017 andover 15,117 products of this HS code in the first five months of this year.
According to the MoIT, the scope of the impactwill be very large if halting the import of this kind of machine. As it is notpossible to identify specifically which items need to be managed, stopping allimports is not in accordance with the provisions of the Law on Foreign TradeAdministration on the freedom of import and export and the application ofimport suspension measures.
Moreover, the machines and equipment used formining virtual currency are multi-purpose items, with different applicationsdepending on the users. Therefore, the MoIT has raised concerns that thesuspension of imports will have a negative impact, affecting production andbusiness activities of enterprises using these devices.
Earlier, Deputy Prime Minister Trinh Dinh Dunginstructed the MoIT, the Ministry of Finance (MoF), and other agencies toexamine the entry of cryptomining machines into the country.
The MoF, the State Bank of Vietnam and the Ministryof Public Security agreed to suspend the imports of cryptocurrency miningmachines.
According to the Ministry of Public Security, inthe market currently, VGA card manufacturers have provided dedicated cardsexclusively for the purpose of exploiting digital money. Therefore, thesedevices also have to be coded as imported goods with the same HS code to manageand suspend imports.
The Ministry of Information and Communicationssaid the mining machines are divided into two types – ASIC and VGA. AdvancedASIC machines are only manufactured for virtual currency purposes, thereforethe use of administrative measures to suspend imports is appropriate andfeasible. However, VGA machines are assembled like regular personal computers,hence the ministry recommends not implementing import restrictions so as not toaffect the manufacturing and business of enterprises.
The MoIT proposed assigning the MoF to study,classify and decide HS codes for the cryptocurrency mining machines as a basisfor applying appropriate management measures. The MoIT also proposed theMinistry of Justice and relevant ministries to develop a legal framework forstrict management and regulations of penalties for violations related tomining, trading and investing in various kinds of cryptocurrency as well assimilar products.-VNS/VNA
The proposal was made in a document on themanagement of importing automatic data processing machines written by the MoITand recently submitted to the Prime Minister.
Statistics from the General Department of VietnamCustoms showed that the country imported more than 27,239 products in 2017 andover 15,117 products of this HS code in the first five months of this year.
According to the MoIT, the scope of the impactwill be very large if halting the import of this kind of machine. As it is notpossible to identify specifically which items need to be managed, stopping allimports is not in accordance with the provisions of the Law on Foreign TradeAdministration on the freedom of import and export and the application ofimport suspension measures.
Moreover, the machines and equipment used formining virtual currency are multi-purpose items, with different applicationsdepending on the users. Therefore, the MoIT has raised concerns that thesuspension of imports will have a negative impact, affecting production andbusiness activities of enterprises using these devices.
Earlier, Deputy Prime Minister Trinh Dinh Dunginstructed the MoIT, the Ministry of Finance (MoF), and other agencies toexamine the entry of cryptomining machines into the country.
The MoF, the State Bank of Vietnam and the Ministryof Public Security agreed to suspend the imports of cryptocurrency miningmachines.
According to the Ministry of Public Security, inthe market currently, VGA card manufacturers have provided dedicated cardsexclusively for the purpose of exploiting digital money. Therefore, thesedevices also have to be coded as imported goods with the same HS code to manageand suspend imports.
The Ministry of Information and Communicationssaid the mining machines are divided into two types – ASIC and VGA. AdvancedASIC machines are only manufactured for virtual currency purposes, thereforethe use of administrative measures to suspend imports is appropriate andfeasible. However, VGA machines are assembled like regular personal computers,hence the ministry recommends not implementing import restrictions so as not toaffect the manufacturing and business of enterprises.
The MoIT proposed assigning the MoF to study,classify and decide HS codes for the cryptocurrency mining machines as a basisfor applying appropriate management measures. The MoIT also proposed theMinistry of Justice and relevant ministries to develop a legal framework forstrict management and regulations of penalties for violations related tomining, trading and investing in various kinds of cryptocurrency as well assimilar products.-VNS/VNA
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