Asian nation of Laos to legalize Bitcoin mining and trading

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Southeast Asian nation Laos changed its official policy on September 9, allowing six companies to trade and mine Bitcoin on a trial basis, while the government begins to draft regulations on its use.

According to The Laotian Times, the news follows a notice from the Prime Minister’s Office on September 9 allowing companies, which include building groups and a bank, to begin mining and trading Bitcoin.

The traditionally conservative government’s authorization of Bitcoin mining and trading marks a change in stance, as the country’s central banks last month warned businesses and individuals against cryptocurrencies, according to the report. local information source.

The population of Laos is seven million. With a hydropower potential of 26.5 gigawatts, the Lao People’s Democratic Republic is one of the richest hydropower countries in Southeast Asia, which is ideal for profitable and sustainable Bitcoin mining.

Companies that have been licensed to trade and mine Bitcoin include Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction Co., Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey Co., Ltd., Joint Development Bank, and Phousy Group.

A host of government agencies, headed by the Ministry of Technology and Communications, are now responsible for researching and determining the rules and regulations governing the use of Bitcoin and other cryptocurrencies in Laos, including the Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, Ministry of Public Security, Bank of Laos and Electricity of Laos.

The proposed settlement will be discussed at a meeting hosted by the Prime Minister on September 16 and 17, and will notably follow the ongoing exodus of mining companies from China, the former market leader in the sector.

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