Laos authorizes mining and commercial activities -

Laos has approved a number of cryptocurrency mining and trading projects in the country to search for a further source of income to supplement the losses caused by the decline in tourism due to COVID-19-related measures. According to the prime minister's office, six companies were authorized to record cryptocurrencies and mining in the country.

Laos relies on digital currencies

laos has authorizes what that is in its territory His central bank's guidelines contradicts that warn of crypto just a month earlier. The step takes place when the small Asian nation tries to find alternative sources of income in order to cope with the consequences of the Covid 19 pandemic.

The prime minister's office said that six companies were now authorized to carry out cryptocurrency -related activities in the country. According to reports, the government will now begin to regulate these activities. Laos could also try to attract some of the miners from china by a close The replacement is that can also offer a lot of cheap hydropower that is currently not fully used.

The origin of this clean energy could also be a large attraction, since people are more aware of the high energy consumption of mining. This advance for green energy and renewable energies for the mining was partially made by elon musk, Commented that the energy consumption of the Bitcoin network " crazy " and suspended Bitcoin payments for cars at Tesla.

This could be life -saving for Laos, since its own energy consumption is lower than that of the country, which facilitates the introduction of a mining industry without interrupting the national power grid.

However, the supervisory authorities have concerns. Laos is located in an area that is very well known for the amounts of narcotics produced there. Many fear that the increase in these industries could cause cryptocurrencies to be used for money laundering purposes. Zachary Abuza, professor at the national was College in Washington, told the FT: