Laos to legalize digital currencies after a 3-years ban
Industry News
The 3-year ban for cryptocurrencies is over in Laos, as the government greenlighted mining and crypto trading related to Bitcoin, Ethereum, and Litecoin. According to Laotian Times, 6 companies have obtained access to these services. WDTL, PRBD, SCCL, Joint Development Bank, and two more companies are going to become pioneers of the crypto industry in Laos.
As of today, there is no clear regulation of digital assets. The Laotian Ministry of technology and communication together with other governmental institutions and the Central bank are going to initiate a set of panel discussions to understand what is the best way to regulate the industry.
Financial Times analysts highlight that such changes open new horizons for Chinese miners. The overage of electric power produced by the local hydro-power plant and a new course of the Laotian government are the reasons to change the location.
According to experts, the pandemic impacted the tourism sector, decreasing the state revenue, and such a factor forced the Laotian officials to start looking for alternative ways to attract investments. The crypto market is on the rise, gaining popularity globally. This is why Laos came up with the decision to backpedal on the previous crypto ban.
The ban was introduced by the Laotian government in 2018, forbidding all crypto-related activities, including mining and trading.
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