Laos Central Bank Advises Not to Engage in Crypto Trading
The BoL announced a notice on the 29th of August stating that trading cryptocurrencies, or using crypto as a payment method, puts users at risk of losing their money.
The notice referred to some popular cryptocurrencies, such as BTC, ETH, and LTC. The aim of the notice is to prevent traders, investors, and consumers from using cryptocurrency in any of their shopping or business affairs as it is very risky and can sabotage their financial stability in case the digital system collapses.
Also, the notice has shed light on the ongoing law of the Payment Systems (updated last November), which does not acknowledge cryptocurrency as a means of payment or as a “currency”. It also does not meet the definitive requirements that match other currencies.
Issues with Crypto
In the bank’s statement, a digital currency cannot be used to pay debt, and is not regulated by law, and so under these terms it can only be considered a digital record rather than a real currency.
Despite the current law, some businesses in Lao have already adopted cryptocurrencies and are using them as a payment method and a tool for liquidity. The country is yet to issue any strict regulations that would completely ban cryptocurrency or deem it illegal.
Vietnam, on the other hand, decided to use aggressive methods to regulate crypto. The Central Bank of Vietnam has issued a notice in October 2017 deeming any cryptocurrency-involved trading illegal. Also, the bank deemed the possession of BTC a crime that would cost the “culprit” a $9000 fine, and a criminal record. On top of that, Vietnam banned the imports of cryptocurrency mining rigs (tools used to mine Bitcoin).
Thailand seems to be at the other end of the spectrum. In July, The security regulator issued rules that would support ICO under the government’s initiative to grow the industry. Also, varioua digital currencies are legally used under the new regulations, including BTC, ETH, LTC, ETH Classic, BCH, XRP, and Stellar.
Moreover, the biggest movie theater chain in Thailand is soon to accept cryptocurrency payments for movie tickets, and popcorn. The chain has over six hundred screens across the nation. Security firms in Thailand are also looking into the possible outcomes that could evolve if they were to build a cryptocurrency exchange in Bangkok.