Laos eager to earn millions from cryptocurrency mining

The Laos government in its new drive to boost the cryptocurrency ecosystem in the country expects to earn no less than two trillion kip ($194 million) in revenue from Bitcoin mining in 2022, the Vientiane Times cited finance minister Bounchom Ubonpaseuth as saying in a recent speech.

The expected revenue from the digital currency comes after the government recently gave green light to six companies to pursue with a trial programme to mine and trade cryptocurrency in Laos, including Bitcoin and other digital coins.

The six companies are Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company, Boupha Road-Bridge Design Survey, Joint Development Bank and Phousy Group.

The Ministry of Technology and Telecommunications has been entrusted to work with the Ministry of Finance, the Bank of the Lao PDR, the Ministry of Planning and Investment, the Ministry of Energy and Mines, the Ministry of Public Security and state power firm Électricité du Laos to draft legislation relating to the mining and trading of cryptocurrencies.

Revenue to be spent on government officials, Covid-19 programmes and debt

Overall, the government expects revenue of around 3.8 trillion kip from cryptocurrency mining, including the two trillion kip from Bitcoin, which it would use “to spend more on priority programmes.”

These include increasing supporting allowances to cover the living expenses of officials and security force personnel, expenditure on efforts to respond to the Covid-19 outbreak and the repayment of debts.

The government in Vientiane has said it would use excess energy from its many hydropower dams in the country for the energy-hungry crypto mining industry.



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The Laos government in its new drive to boost the cryptocurrency ecosystem in the country expects to earn no less than two trillion kip ($194 million) in revenue from Bitcoin mining in 2022, the Vientiane Times cited finance minister Bounchom Ubonpaseuth as saying in a recent speech. The expected revenue from the digital currency comes after the government recently gave green light to six companies to pursue with a trial programme to mine and trade cryptocurrency in Laos, including Bitcoin and other digital coins. The six companies are Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company,...

The Laos government in its new drive to boost the cryptocurrency ecosystem in the country expects to earn no less than two trillion kip ($194 million) in revenue from Bitcoin mining in 2022, the Vientiane Times cited finance minister Bounchom Ubonpaseuth as saying in a recent speech.

The expected revenue from the digital currency comes after the government recently gave green light to six companies to pursue with a trial programme to mine and trade cryptocurrency in Laos, including Bitcoin and other digital coins.

The six companies are Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company, Boupha Road-Bridge Design Survey, Joint Development Bank and Phousy Group.

The Ministry of Technology and Telecommunications has been entrusted to work with the Ministry of Finance, the Bank of the Lao PDR, the Ministry of Planning and Investment, the Ministry of Energy and Mines, the Ministry of Public Security and state power firm Électricité du Laos to draft legislation relating to the mining and trading of cryptocurrencies.

Revenue to be spent on government officials, Covid-19 programmes and debt

Overall, the government expects revenue of around 3.8 trillion kip from cryptocurrency mining, including the two trillion kip from Bitcoin, which it would use “to spend more on priority programmes.”

These include increasing supporting allowances to cover the living expenses of officials and security force personnel, expenditure on efforts to respond to the Covid-19 outbreak and the repayment of debts.

The government in Vientiane has said it would use excess energy from its many hydropower dams in the country for the energy-hungry crypto mining industry.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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