The Laotian government’s pilot project to study mining and cryptocurrency trading is expected to generate approximately $194 million in total domestic revenue estimated for 2022.

According to a report by Malaysian news agency The Star on Tuesday, the Lao government’s latest attempt to cash in on China’s crypto-mining crackdown could generate $2 trillion from Lao Cape – about $194 million at press time – in revenue. Of the six companies of the country. Companies participating in the public and private mining pilot programme, which was approved in September, include Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction Company Limited, Boupha Road-Bridge Design Survey, Joint Development Bank and Phousy Group.

The government has reportedly said the money will increase projected revenue from the National Assembly’s 2022 budget proposal by 20% compared to 2021. Lawmakers plan to use the additional revenue for “priority programmes,” including public debt repayment and pandemic response. . …

On the topic: Finding a New Home: Bitcoin Miners Calm Down After Exiting China

Although the Lao government has given six companies permission to mine cryptocurrency, the country’s central bank has issued more than one warning in recent years, informing citizens of the risks associated with unregulated crypto assets, which remain largely illegal in Laos. Lao Bank P.D.R. He is said to be exploring the development of a central bank digital currency partnership with Japanese technology company Soramitsu, a distributed ledger technology company.

Source: CoinTelegraph

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