Crypto pilot program in Laos expected to generate $194 million
The Laos government green lit a cryptocurrency mining/trading pilot project to explore the potential. Up until September 2021, buying and trading cryptocurrencies had been illegal in Laos. There are currently only 6 firms approved by officials, to mine and trade cryptocurrency. The Laos government expects a 20% increase in revenue in 2022 compared to 2021.
The projected increase in revenue of 3,754 billion kip (compared to 2021), including 2,000 billion kip earned from the mining of Bitcoin, would enable the government to spend more on priority programmes.
These include increasing supporting allowances to cover the living expenses of officials and security force personnel, expenditure on efforts to respond to the Covid-19 outbreak, and the payment of debts.
