Vietnam bans the import of mining equipment while Google bans cryptocurrency related advertising

Image source: pixabay - QuinceMedia

It seems that is easiest solution to a complex problem is by “chopping off the dragon’s head”. Vietnam’s Ministry of Finance has decided to do just that by banning the import of mining equipment into the country. According to news.bitcoin - Kevin Helms, the ministry finds difficulty in managing mining equipment. In fact, using cryptocurrencies in Vietnam is “in violation of the amended government Decree 101 on non-cash payments,” Zing.vn conveyed.

Vietnam’s failure to regulate digital currencies has led to fraudulent activities in the country. A total of $658 million were lost due to ICO scams launched by the Ho Chi Minh City-based company Modern Tech JSC. Source: bitcoinist - Georgi Georgiev. A total of 32,000 investors were affected by the scam.

The Ministry of Justice shall assume the prime responsibility and coordinate with the concerned ministries and branches in expeditiously proposing and perfecting the legal framework on management and handling of virtual money and virtual assets; To coordinate with the Ministry of Finance in studying international practices and proposing measures to raise capital through the issuance of virtual currency (ICO).
Source: bitcoinist - Georgi Georgiev

Before the country can set up a cryptocurrency regulatory network, Prime Minister Nguyen Xuan Phu places the ban in place to minimize the future potential of fraud. Financial regulators and the Justice Ministry are also responsible for ensuring virtual currency stakeholders abide by the country’s anti-money laundering regulations. Source: bitcoinist - Osato Avan-Nomayo.

Image source: pixabay - 377053

Google is also taking stricter action on cryptocurrency advertising
Plans to ban cryptocurrency adverts is a stance Facebook and Twitter have both taken. Google is following suit to unethically ban crypto adverts as they are deemed as illegal or fraudulent in nature. However, Phillip Nunn, CEO of Manchester-based investment firm Blackmore Group, told The Independent that Google and other companies may have their own agenda:

“l understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices. I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.” Says Nunn.
Source: The Independent - Anthony Cuthbertson

A Google spokesperson declined to comment on either the ban or speculation surrounding its cryptocurrency and blockchain ambition, on The Independent.

-tysler