fbpx
  • About Us
  • Contact
  • Sponsored Content
  • Price Tracker
  • Write for Us
  • Terms and Conditions
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • All
    • Crypto Exchange Reviews
    • Exchange Comparisons
    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    Centralised Exchange vs. Decentralised Exchange: A Detailed Comparison

    Centralised Exchange Vs. Decentralised Exchange: A Detailed Comparison

    Low Fee Exchanges: The High Cost of Low Price

    Low Fee Exchanges: The High Cost of Low Price

    Best Crypto Apps in Australia: A Curated List 2022

    Best Crypto Apps in Australia: A Curated List 2022

    CoinSpot vs Independent Reserve: Which Is Better? A Detailed Comparison

    CoinSpot Vs Independent Reserve: Which Is Better? A Detailed Comparison

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    • Reviews
    • Comparisons
No Result
View All Result
SUBSCRIBE
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • All
    • Crypto Exchange Reviews
    • Exchange Comparisons
    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    Centralised Exchange vs. Decentralised Exchange: A Detailed Comparison

    Centralised Exchange Vs. Decentralised Exchange: A Detailed Comparison

    Low Fee Exchanges: The High Cost of Low Price

    Low Fee Exchanges: The High Cost of Low Price

    Best Crypto Apps in Australia: A Curated List 2022

    Best Crypto Apps in Australia: A Curated List 2022

    CoinSpot vs Independent Reserve: Which Is Better? A Detailed Comparison

    CoinSpot Vs Independent Reserve: Which Is Better? A Detailed Comparison

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    • Reviews
    • Comparisons
No Result
View All Result
Coin Culture
No Result
View All Result
Home Policy & Regulation

Laos Expects to Make A$260 Million with Bitcoin Mining in 2022

Pat Daniel by Pat Daniel
July 1, 2022
in Policy & Regulation
Laos map with Laos flag pinned
Share on FacebookShare on Twitter

You might also like

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

US Treasury Blacklisted Crypto-Mixing Service Tornado Cash For Alleged Laundering

Laos plans to take advantage of the thriving digital assets market as it projects to make $260m AUD in revenue from Bitcoin mining in 2022.

According to a report by Cambodian newspaper, The Phnom Penh Post, the country looks to use the Bitcoin mining revenue to bolster domestic revenue which currently accounts for 15% of its GDP. The country’s Minister of Finance Bounchom Ubonpaseuth speaking at the second ordinary session of the National Assembly’s (NA) 9th legislature, confirmed the projected revenue would increase the projected 2022 revenue by around 20%.

The debt-ridden nation could use the new revenue resource to stabilise its economy. Already, the government has issued regulations that will streamline crypto company operations in the country. 

The regulation specifies the types of crypto businesses that can operate in the country and the measures for their use to ensure safety, reliability and efficiency. The notice indicates that crypto businesses must be wholly Laos-owned and are financially stable with sufficient operational capital. Crypto exchanges must deposit $5 million with the Bank of Laos as security. 

Mining companies should use at least 10MW of power within a six-year extendable contract from the country’s electricity provider. The crypto miners will also gain from these regulations. They will enjoy low-cost power as the government plans to exempt imports and power transmission fees for mining operations.

The new Laos crypto regulations is a move away from the ban on digital currencies that had been in effect in the country since 2018. 

Data from the World Bank shows the country to be one of the poorest in the Asian region. However, it has an abundance of hydroelectric power that it can use to become the major power supplier within Southern Asia. That is what allows it to support crypto mining and related activities.

The roadmap to a CBDC

Other than acting as a booster to the domestic revenue, Laos can use digital currencies in far more ways. The country’s economy is currently dollarized with foreign currencies like the US dollar and Chinese Yuan used in private transactions for imported goods.

The government is looking towards a Central Bank Digital Currency (CBDC) as the best alternative to the weakened local currency. It has already enlisted the services of Sorimitsu, a Japanese blockchain company to explore the possibility of a national digital currency. 

Laos embracing cryptocurrencies comes at a time when the crypto mining landscape is still shifting. Following the Chinese crypto crackdown, Bitcoin miners have been looking for other friendly locations to operate. So far, countries like the US, Kazakhstan, Australia, Norway and Sweden have become some of the preferred mining destinations. However, there is a likelihood of another shift following Sweden and Norway’s plans to ban Bitcoin mining in Europe.

With such support for digital currencies and massive renewable electricity supply, Laos is in the best place to gain from any new shift due to the ban of mining activities in other countries.

Tags: Bitcoin NewsMining
Pat Daniel

Pat Daniel

Recommended For You

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

by Van Tran
August 12, 2022
0
“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

El Salvador’s grassroots Mi Primer Bitcoin, or “My First Bitcoin,” campaign is gaining traction. The program, initiated by John Dennehy, an American activist, and journalist, has the support...

Read more

Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

by Tuni Lala
August 12, 2022
0
Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

The drop in inflation after a four-decade high of 9.1% in June might be good for risky assets such as shares and cryptocurrencies. Bitcoin and Ethereum both increased...

Read more

US Treasury Blacklisted Crypto-Mixing Service Tornado Cash For Alleged Laundering

by Van Tran
August 10, 2022
0
US Treasury Blacklisted Crypto-Mixing Service Tornado Cash For Alleged Laundering

The Treasury Department has prohibited all Americans from using Tornado Cash, a decentralised crypto-mixing service. On Monday, Tornado Cash was added to the Specially Designated Nationals list of...

Read more

How Does U.K. Property Law ApplyApplies To Cryptocurrencies? Proposals Made

by Van Tran
August 2, 2022
0
How U.K. Property Law Applies To Cryptocurrencies? Proposals Made

Various proposals are presented as the United Kingdom continues to intensify its attempts to build a cryptocurrency regulatory framework. The region’s Law Commission has produced a consultation document...

Read more

Report: Japan’s Lobbying Groups Demand Tax Cuts To Keep Crypto Talents

by Van Tran
August 1, 2022
0
Report: Japan’s Lobbying Groups Demand Tax Cuts to Keep Crypto Talents

According to reports, Japan-based cryptocurrency lobbying groups request a tax cut for the local digital asset industry. Thus, industry talent will be more inclined to remain in their...

Read more
Next Post
Landfill

Welshman fights local landfill to retrieve half a billion in lost bitcoin

Leave a Reply

Your email address will not be published. Required fields are marked *

Most popular

  • Will LUNA Recover? Is $1 Still Possible?

    Will LUNA Recover? Is $1 Still Possible?

    224 shares
    Share 90 Tweet 56
  • Top Crypto Twitter Influencers in 2022

    745 shares
    Share 298 Tweet 186
  • The Secret Disclosed: JPMorgan owns critical Ethereum infrastructure

    279 shares
    Share 112 Tweet 70
  • Charles Hoskinson Predicts No Further Delays In Cardano’s Vasil Hard Fork

    78 shares
    Share 31 Tweet 20
  • Top 10 Most Followed Cryptocurrency Hashtags on Twitter

    201 shares
    Share 80 Tweet 50

Recommended

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

August 12, 2022
Mark Cuban: Purchasing Metaverse Real Estate Is ‘The Dumbest Sh*t Ever’

Mark Cuban: Purchasing Metaverse Real Estate Is ‘The Dumbest Sh*t Ever’

August 12, 2022
Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

August 12, 2022
Iran Places First Import Order Paid In Crypto, Worth $10M

Iran Places First Import Order Paid In Crypto, Worth $10M

August 11, 2022
Facebook Twitter Instagram
coin culture logo

Hot Topics

  • DeFi
  • NFT
  • Gaming

BROWSE BY TAG

Adoption Altcoin News Australia Banks Bitcoin Bitcoin News Blockchain News btc Business Cardano Cardano News CBDC China CoinSpot Cryptocurrencies Crypto Exchange DeFi Dogecoin News El Salvador ETF Ethereum News Exchange Exchanges Feature Games Markets Metaverse Mining NFT NFT Game Opinion People Policy and Regulation Russia SEC Security Shiba Inu News Solana Stablecoins Tax Tech Terra Trading Trading Guide U.S.

© 2022 CoinCulture. All rights reserved.

No Result
View All Result
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • Reviews
    • Comparisons

© 2022 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist