Higher business electricity rates will be applied to individuals and organisations that set up computer systems for digging up bitcoin, litecoin, ethereum and other virtual currencies.
The HCM City Power Corporation said in a statement that individuals and organisations using electricity for mining crypto-currencies will be subject to electricity tariffs applicable to businesses.
The corporation said the move is in line with a request from the Ministry of Industry and Trade to Vietnam Electricity Group (EVN) on guiding the implementation of electricity prices for crypto mining activities.
Earlier, the State Bank of Vietnam banned the use of bitcoin and other crypto-currencies as a means of payment.
The central bank said that crypto-currencies are not legal tender in the country, and the issuance, supply and use of bitcoin and other similar virtual currencies as a means of payment is prohibited.
Illegal use of crypto-currencies for payment is subject to penalties of VND150 million (US$6,600) to VND200 million (US$8,800).
However, according to some lawyers, crypto mining is not related to the rules of the central bank on using or supplying such virtual currencies. Therefore, the decision of EVN does not violate the regulation.
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