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New Laos Crypto Measure Seeks to Lure Miners Banned from China: FT

Bitcoin and other crypto or altcoins are seen in this image taken on June 29, 2021. Photo: Reuters

 

(AF) Cash-strapped Laos hopes to profit from China’s ban on crypto miners with a new measure that seeks to make the Indochinese nation the digital currency hub of Southeast Asia, the Financial Times reported.

In a U-turn after the communist country’s central bank warned against volatile market activities, authorities in Vientiane granted licences to six companies to mine and trade cryptos, the report stated. An abundance of hydroelectric power is expected to make mining more affordable and help lure participants shut out of China, it added. Full report: Financial Times

 

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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