As the world is catching up with cryptocurrencies in various forms, only a few countries are left behind. In a recent turn of events, another country joins the list of making crypto transactions legal. The country in question is Laos. This small Southeast Asian country has taken a step towards embracing crypto to deal with the financial hardships caused by the pandemic and its aftermath. The Prime Minister of Laos declared that crypto exchanges and trades are now legal in the country in an official statement. According to official sources, presently, only six companies have been given permission to mine and trade in cryptos. Among these six companies are a bank and a construction firm. As of now, three cryptos have been officially sanctioned. These are Bitcoin, Ethereum, and Litecoin.
Once the initial groundwork is in place, the government would work in close collaboration with The Central bank of Laos to properly implement the legislation. What makes Laos ideal for mining crypto is its surplus energy production. Laos produces more energy than it consumes, courtesy of hydropower plants. If Laos can set up a good infrastructure, it even has the potential to be one of the top players in the crypto world in the near future. The immediate prompt behind this decision to legalize crypto seems to be the loss of revenue triggered by the Covid-19 pandemic. The Laos government is also serious about preventing financial fraud and money laundering. Experts predict interesting outcomes as the crypto situation in Laos unfolds.