Central bank of Laos Warns Against Cryptos
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22 May
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The central bank of Laos has recently issued a warning regarding the use, purchase or sale of digital coins, the local Vientiane Times reported yesterday.

The Bank of the Laos PDR has warned participants in financial markets as well as the general public about operations with cryptos, which are currently illegal in the country after the central bank banned financial institutions from carrying out operations with cryptos, as well as investing in this asset.

The central bank is particularly concerned about the fact that both the issuers and recipients in crypto transactions remain anonymous, which means that this type of asset can be used by criminals for money laundering.

Why it is important

  • Countries around the world are adopting a quite heterogeneous attitude towards the adoption of cryptocurrencies. For example, Canada, Malta and Switzerland are known for being friendly with cryptos, while other countries such as China have banned them completely.
  • India banned the purchase and sell of cryptos in April last year, forcing financial institutions to stop providing services to any crypto-retaled company.

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