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.
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.
