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The Laos state budget is expected to raise $ 194 million from retiring coin-op miners

November 3, 2021 - Around 1 mins mins to read

The Laos government budget expects $ 194 million in crypto miners by 2022

The Laos government’s crypto trading and mining pilot is expected to add around $ 194 million to the country’s projected total domestic revenue in 2022.

2 reported by Malaysian news agency The Star, the Laos government’s recent attempt to capitalize on China’s crypto-mining crackdown could bring the country 2 trillion kip – about $ 194 million at the time of publication – in revenue from six companies .

Companies in the public-private mining pilot program approved in September include Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Co., Ltd., Boupha Road and Bridge Design Survey, Development Bank Chung and Phousy Group.

The government said the funding will increase the revenue projected for the 2022 Congressional Draft Budget by 20% compared to 2021. The legislature plans to use the additional income for “programs”.

Related: Find a new home: Bitcoin miners settle down after China’s migration

While the Laotian government has licensed six crypto mining companies, the country’s central bank has issued more than one warning over the years to warn citizens of the risks associated with crypto assets. Unregulated death is in Laos mostly still illegal. However, the Bank of Lao PDR is reportedly considering developing a central bank digital currency partnership with Japanese distributed ledger technology company Soramitsu.

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#Asia

#Bitcoin

#Government

#Mining

Mining #Bitcoin

regulation

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
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The Laos state budget is expected to raise $ 194 million from retiring coin-op miners

The Laos government budget expects $ 194 million in crypto miners by 2022

The Laos government’s crypto trading and mining pilot is expected to add around $ 194 million to the country’s projected total domestic revenue in 2022.

2 reported by Malaysian news agency The Star, the Laos government’s recent attempt to capitalize on China’s crypto-mining crackdown could bring the country 2 trillion kip – about $ 194 million at the time of publication – in revenue from six companies .

Companies in the public-private mining pilot program approved in September include Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Co., Ltd., Boupha Road and Bridge Design Survey, Development Bank Chung and Phousy Group.

The government said the funding will increase the revenue projected for the 2022 Congressional Draft Budget by 20% compared to 2021. The legislature plans to use the additional income for “programs”.

Related: Find a new home: Bitcoin miners settle down after China’s migration

While the Laotian government has licensed six crypto mining companies, the country’s central bank has issued more than one warning over the years to warn citizens of the risks associated with crypto assets. Unregulated death is in Laos mostly still illegal. However, the Bank of Lao PDR is reportedly considering developing a central bank digital currency partnership with Japanese distributed ledger technology company Soramitsu.

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