Laos Legalizes Cryptocurrency Mining and Trading

Communist-ruled Laos has authorized crypto mining and trading. A notable policy shift for the debt-laden country of 7 million, after its central bank issue a warning against cryptocurrencies. Laos produces a surplus of hydroelectricity, after borrowing heavily to build a large hydroelectric infrastructure on the Mekong river. The country also suffered a dramatic dam collapse in 2018.

The move likely will attract miners ousted from China after the communist country banned cryptocurrency mining after facing an energy shortage.

Other countries producing a surplus of hydroelectric energy include the province of Quebec in Canada, well-known in the Bitcoin community for producing more surplus of electricity than the whole Bitcoin network is consuming.

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