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Laos Approves Cryptocurrency Testing

www.thecoinrepublic.com 17 September 2021 11:24, UTC
Reading time: ~2 m

  • Six firms have been given permission to begin testing cryptocurrency in Laos
  • The businesses will be in charge of cryptocurrency mining and trading
  • Purchasing or trading cryptocurrency has been banned in Laos until recently

According to the Laotian Times, six companies have been granted permission to participate in a bitcoin trial in the Southeast Asian country. Boupha Road-Bridge Design Survey Co., Joint Development Bank, Phousy Group, Sisaket Construction, Phongsubthavy Road & Bridge Construction Co., and Wap Data Technology Laos are among the companies chosen. Mining and trading digital currencies are on trial for each of them. Bitcoin, Ethereum, and Litecoin, in particular.

More companies have been added to the list

An announcement from the Prime Minister’s Office, however, added more companies to the list. Phongsabthavy Bridge Construction Company Limited; Sisaket Integrated Construction Co., Ltd.; Boupha Phatthana Construction and Bridge Survey and Design Co., Ltd.; Joint Development Bank Limited; and Phu Si Group Sole Proprietorship are among the additional companies. This development occurs as governments throughout the world prepare to enact more precise crypto rules.

The next step requires collaboration between numerous ministries and the Bank of Laos (BOL) and Electricité du Laos. The Ministry of Technology and Communications is part of a group that also comprises the Ministries of Finance, Planning and Investment, Energy and Mines, and Public Security.

Trial of Cryptocurrency

The team’s task is to research and determine their respective parties’ roles, rights, obligations, and responsibilities in order to propose them to the Prime Minister and Deputy Prime Minister for consideration. The trial project’s next meeting will be held on September 16 and 17.

Following a notification from the BOL in August 2021, the government is taking steps to regulate cryptocurrency. For the second time, it issued a public warning about unregulated cryptocurrency trading. Laotian citizens are legally prohibited from trading cryptocurrencies, according to the notice. Those that do so are taking a significant financial risk. The BOL also issued a warning regarding market instability and unlawful crypto activity. Despite these cautions, local sources claim that companies continue to accept and promote cryptocurrency as a form of payment for products and services.

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