The Laos Government’s Stance on Crypto
Laos government recently announced its decision to crack down on cryptocurrency companies that fail to meet their commitments or show progress in mining and trading activities. Prime Minister Sonexay Siphandone revealed that outstanding fees from crypto operators owed to the state have reached $20 million.
Acknowledging Lack of Progress
Siphandone acknowledged the lack of progress from two companies, attributing the delay in fee payments to sluggishness. He also noted that the drop in Bitcoin value by more than 50% has contributed to slow payments. To explore additional income sources, the government has permitted 15 companies to test digital asset operations, specifically involving cryptocurrency mining and trading.
Halting Mining Operations
In addition to the decreasing price of cryptocurrencies, mining operations faced setbacks due to drought conditions in Laos. The state-owned electricity distribution company also announced its decision to halt the provision of electricity to cryptocurrency mining operations within the country.
Hot Take: Laos Cracks Down on Crypto Operations
The recent crackdown on crypto operations by the Laos government reflects a growing concern over the industry’s impact on the country’s economy and resources. With outstanding fees reaching $20 million and challenges posed by environmental conditions, the future of cryptocurrency mining and trading in Laos remains uncertain.
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