Laos Expected To Earn $190 Million From Bitcoin Mining In 2022
The government reportedly plans on employing the new revenue stream's profits on "priority" programs.Laos is reportedly expected to earn approximately $190 million in 2022 from bitcoin mining activities in the country.The new revenue source would contribute to the $2.8 billion total domestic revenue projected for 2022, the Lao Minister of Finance said.The government reportedly plans on employing the new revenue stream's profits on increasing officials' allowances, paying off debts, and pandemic-related expenditures.The government of Laos, a Southeastern Asian country located between....
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Lawmakers reportedly plan to use the extra revenue for “priority programs,” including paying down the national debt and responding to the pandemic. The Laos government’s pilot project to explore cryptocurrency mining and trading is expected to bring in roughly $194 million towards the country’s total domestic revenue projected for 2022.According to a Nov. 2 report from Malaysian news outlet The Star, the Laotian government’s recent bid to capitalize on China’s crypto mining crackdown may be netting the country 2 trillion kip — roughly $194 million at the time of publication — in revenue....
Laos has authorized a series of cryptocurrency mining and trading projects in the country, looking for another source of income to supplement the losses caused by the drop in tourism due to COVID-19 related measures. Six companies have been authorized to start cryptocurrency trading and mining operations in the country, according to the office of the prime minister.
Laos Embraces Digital Currencies
Laos has authorized mining and trading operations in its territory, contradicting policies from its central bank that issued warnings against crypto just a month before. The move comes....
The Southeast Asian nation of Laos changed its official policy, authorizing six companies to trade and mine Bitcoin while the government begins to draft regulations about its use.
The central bank of Laos has issued licenses to two cryptocurrency trading platforms. Lao Digital Assets Exchange (LDX) and Bitqik are now the only two licensed entities that can offer full brokerage and trading services in cryptocurrencies and other digital assets in the country.
2 Cryptocurrency Exchanges Authorized in Laos
Laos’ central bank, the Bank of the Lao P.D.R. (BOL), has reportedly issued licenses to two companies to trade in cryptocurrencies, local media reported Wednesday.
The first authorized platform is Lao Digital Assets Exchange (LDX), a....
The central bank of Laos intends to explore issuing its own digital currency, according to a media report that provided details on the plan. A study on the matter will commence soon and will be conducted with the support of a fintech startup based in Japan.
Central Bank of Laos Joins Race to Develop Digital Fiat
The Bank of the Lao People’s Democratic Republic is going to launch the study focused on the development of a central bank digital currency (CBDC) as early as this month, Nikkei Asia unveiled on Sunday. The monetary authority has employed the Japanese fintech....