Laos may mirror El Salvador’s Bitcoin (BTC) initiative

Tue 14 Sep 2021 ▪ 13h53 ▪ 2 min read — by James Taylor

Laos may become the next country to legalise Bitcoin (BTC) and other digital assets in the near future. The Laotian government has just approved an experimental pilot programme on mining and trading in the country.

Crypto transactions are prohibited in Laos. However, this ban has been lifted for six companies selected for the pilot programme. 

According to the statement issued by the country’s prime ministers’ office, four construction companies, an IT firm and the state-owned JDB bank have been authorised to mine and trade cryptocurrency, including Bitcoin and Litecoin (LTC).

The country’s authorities have also instructed a number of regulators, including the central bank, to develop standards for the use of digital assets in the country. Laotian Prime Minister, Phankham Vipkhavanh said he was planning to hold a government meeting about the potential use of cryptocurrencies in the republic.

It’s also worth mentioning that last month, the Bank of Laos (BOL) issued a notice warning the citizens against using digital assets such as Bitcoin, Ethereum and Litecoin. The Bank argued that cryptocurrencies are in no way connected to actual currency reserves or regulated by the law, making them unstable and dangerous.

Although according to the aforementioned notice, Laotians are legally prohibited from buying or selling digital assets, the country has embarked on its journey into the crypto world. Let’s hope that this pilot programme is only the first of many steps Laos will take towards digital asset adoption.

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James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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