Asian Nation Laos to Legalize Bitcoin Mining And Trading

The Southeast Asian nation of Laos changed its official policy on September 9, authorizing six companies to trade and mine Bitcoin in a trial run while the government begins to draft regulations about its use.

According to The Laotian Times, the news follows a September 9 notice from the office of the prime minister permitting the firms, which include construction groups and one bank, to start mining and trading Bitcoin.

The traditionally conservative government’s authorization of Bitcoin mining and trading marks a shift in stance, as last month the country’s central banks warned companies and individuals against cryptocurrencies, according to the local news source.

The population of Laos is seven million. With a hydropower potential of 26.5 Gigawatts, the Lao People’s Democratic Republic is one of the most hydropower resource rich countries in Southeast Asia, which is ideal for profitable and sustainable Bitcoin mining.