On September 9, the Southeast Asian country of Laos amended its official stance, allowing six enterprises to trade and mine Bitcoin in a trial run while the government drafts laws.
According to The Laotian Times, the news comes after the prime minister’s office issued a notification on September 9 allowing the companies, which include construction companies and a bank, to begin mining and trading Bitcoin.
According to a local news source, the government’s approval of Bitcoin mining and trading indicates a reversal in position after the country’s central banks urged enterprises and individuals against cryptocurrency last month.
Laos has a population of seven million people. The Lao People’s Democratic Republic is one of Southeast Asia’s most hydropower-rich countries, with a hydroelectric potential of 26.5 Gigawatts, making it perfect for profitable and long-term Bitcoin mining.
Sisaket Construction Company Limited, Wap Data Technology Laos, Boupha Road-Bridge Design Survey Co., Ltd., Phongsubthavy Road & Bridge Construction Co., Phousy Group & Joint Development Bank are among the companies that have been received the permission to trade and mine Bitcoin.
The Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, Ministry of Public Security, Bank of Laos, and Électricité du Laos are among the government agencies that will be responsible for the research and determining rules and regulation for the use of cryptocurrencies in the country which is governed by the Ministry of Technology and Communications.
The proposed measures will be considered at a meeting convened by the Prime Minister on September 16 and 17, and they come in the wake of a continuing flight of mining companies from China, the sector’s former market leader.
- Also read about: Now, Ukraine is also legalizing Cryptocurrencies
- Also read about: El Salvador adopts bitcoin as legal tender, causing its price to plummet by roughly 10%
- Also read about: Argo Blockchain, a cryptocurrency miner, has gone public on Nasdaq