The State Bank of Vietnam announced that the government banned the import of cryptocurrency mining machinery. These mostly include the ASIC mining rigs. In parallel, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) has lowered its annual profit expectation for the next year.
Vietnam bans crypto mining hardware import for an indefinite time. The decision was announced on July 19, 2018 by the State Bank of Vietnam. Ministry of Industry and Trade suggested the ban. The crypto sector in Vietnam has imported 15600 units of hardware between January 2017 and April 2018. Most of these imports were in Hanoi and Ho Chi Minh. The Prime Minister Trinh Dinh Dung previously wanted the related ministries to research the cryptocurrency and their regulation. Thus, the temporary ban is a part of the regulation of cryptocurrency in Vietnam.
Ministry of Finance in Vietnam has stated that this temporary ban is to protect the people of Vietnam from fraud. Probably, they will research the processes better and release the ban in the short term. The reason why the government took such a measure is to have a better control over what is happening. Thus, it may be considered good for the future of crypto mining in Vietnam.
In another news, Taiwan Semiconductor Manufacturing Company has announced that it has lowered annual profit expectations. In fact, TSMC is the biggest hardware producing company. Therefore, the fact that they lowered their expectations for the next year was a little surprising. The hardware builder decreased the expectations from two-digit percentages to “high single-digit percentages” in their latest report. Hence, their revenue projections for the next year dropped from $ 11 billion to $ 10 billion.
We will see how these news will affect the crypto mining industry over the next weeks. We hope to see Vietnam removes the ban they applied on crypto mining hardware in the short term.