Laos Authorizes Cryptocurrency Trial Program

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Cryptocurrency

The government of Laos has authorized six companies to trade and mine cryptocurrencies while relevant ministries are to draft regulations governing their use.

According to a notice issued by the Prime Minister’s Office, six companies have been authorized to trial mining and trading cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

The companies that have been given the green light include Wap Data Technology Laos, Phongsubthavy Road & Bridge Construction Co., Sisaket Construction Company Limited, Boupha Road-Bridge Design Survey Co., Ltd., Joint Development Bank, and Phousy Group.

A host of ministries led by the Ministry of Technology and Communications, in coordination with the Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, and the Ministry of Public Security will work with the Bank of Laos and Electricite du Laos to research and decide upon rules and regulations governing the use of cryptocurrencies in Laos.

The findings of the research and consultation between ministries and relevant organizations will be discussed at the upcoming Prime Minister and Deputy Prime Minister’s Meeting from 16 to 17 September.

Meanwhile, the Bank of Laos (BOL) issued a notice last month warning the public about the use of unregulated cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, which it says are not connected to actual currency reserves.

Despite warnings by authorities, many continue to trade in digital currencies and view the trial program as paving the way for full authorization.