The Vientiane Times quoted Finance Minister Bounchom Ubonpaseuth in a recent speech as saying that the Lao government, in its new initiative to promote the country’s cryptocurrency ecosystem, expects to obtain no less than 2 trillion kip (194 million) from Bitcoin mining by 2022. U.S. dollars). The expected revenue of the digital currency is generated after the government recently approved six companies to conduct a pilot program in Laos to mine and trade cryptocurrencies, including Bitcoin and other digital coins. The six companies are Laos Wap Data Technology, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company,…
In its new initiative to promote the country’s cryptocurrency ecosystem, the Lao government predicts that by 2022, the revenue from Bitcoin mining will not be less than 2 trillion kip (194 million US dollars). Vientiane Times Quoting Finance Minister Bounchom Ubonpaseuth in a recent speech.
The expected revenue of the digital currency is recently given by the government Green light Six companies are seeking pilot programs to mine and trade cryptocurrencies in Laos, including Bitcoin and other digital coins.
The six companies are Laos Wap Data Technology, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company, Boupha Road-Bridge Design Survey, United Development Bank and Phousy Group.
The Ministry of Technology and Telecommunications is entrusted with the Ministry of Finance, the Bank of the Lao People’s Democratic Republic, the Ministry of Planning and Investment, the Ministry of Energy and Mineral Resources, the Ministry of Public Security and the State Power Company Lao Electric Power Company to draft legislation on cryptocurrency mining and trading.
Income used for government officials, Covid-19 plans and debt
Overall, the government expects revenue from cryptocurrency mining to be approximately 3.8 trillion kip, including 2 trillion kip from Bitcoin, which will be used to “spend more on priority projects.”
These include increased support allowances to pay for the living expenses of officials and security forces, expenditures to respond to the Covid-19 epidemic, and debt repayment.
The Vientiane government stated that it will use excess energy from many of the country’s hydroelectric dams for the energy-intensive encrypted mining industry.
