Tuesday, November 30, 2021

Laos is expecting $194 million from cryptocurrency mining

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The Laos government’s pilot project to explore cryptocurrency mining and trading is expected to bring a total of about $194 million to the country in 2022. Laos, officially known as the People’s Democratic Republic of Laos, is a landlocked Southeast Asian country.

The Laos government’s latest offer to capitalize on China’s crackdown on crypto mining could generate around $194 million in returns from six firms. Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey, Joint Development Bank, and Phousy Group are the companies in the mining pilot program approved in September.

If the calculations are correct, the government’s annual revenue will increase by about 20%. Lawmakers intend to use the extra funds to pay down the national debt and cover pandemic-related expenses.

Laos’ government has granted permission for six companies to mine cryptocurrencies. The country’s central bank, on the other hand, has repeatedly issued warnings to users about the risks associated with unregulated crypto assets. However, the Bank of the Lao People’s Democratic Republic may collaborate with the Japanese distributed ledger technology firm Soramitsu to create a central bank digital currency.

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