![Laos Authorises Six Companies for Crypto Mining, Trading Laos Authorises Six Companies for Crypto Mining, Trading](https://www.regulationasia.com/wp-content/uploads/laos-central-bank.jpg)
![Laos Authorises Six Companies for Crypto Mining, Trading Laos Authorises Six Companies for Crypto Mining, Trading](https://www.regulationasia.com/wp-content/uploads/laos-central-bank.jpg)
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Government ministries will work with the central bank and national power utility to decide on rules governing the use of cryptocurrencies.
The Laos government has announced that six companies have been authorised to trial mining and trading of cryptocurrencies.
The authorised companies are Joint Development Bank, Wap Data Technology Laos, and construction firms Phousy Group, Phongsubthavy Road & Bridge Construction, Sisaket Construction Company, and Boupha Road-Bridge Design Survey.
In a notice, the Prime Minister’s Office said relevant ministries will draft regulations governing the use of cryptocurrencies.
According to local reports, government ministries will work with the central bank (Bank of Laos) and the national power utility (Electricite du Laos) to research and decide upon rules and regulations governing the use of cryptocurrencies in the country.
The move represents a major policy shift after last month’s warning from the Bank of Laos against trading digital tokens, including bitcoin, litecoin and ethereum, saying cryptocurrencies are not connected to actual currency reserves.
Laos produces a surplus of hydropower, making it an ideal home for cryptocurrency miners. The country currently exports two thirds of the hydroelectric electricity it generates.
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