Legalization. In Ukraine and now Laos

[hd49728]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

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[avikz]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

We are yet to see the final outcome because the government has just permitted few countries to start bitcoin mining operations and began drafting rules and regulations. So we have already seen one positive thing. More positive things to come in near future.

Laos is a small country and not really fit for hosting big manufacturing hubs. So the government is trying to play smart by utilizing their cheap electric resources to bitcoin mining and earn tax revenue from it. Completely makes sense!

[DeathAngel]

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

[Kelvinid]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

They simply predicting what will happen next even it wasn't officially announced by the lawmakers. That is certainly misleading.
Social media are too fast to collect data which I don't think that it was reliable enough to make a statement and publish it online, I think it should not be the thing to do as people will think that it was legal already if they will not read the content of the news.

Of course, this could get some attention, and think that it was officially legalized. But I'd never think this could uplift the market situation and brings a positive response once they know it was fake news, it might give them the reason to ignore it.

[ShowOff]

Not all online media will contain accurate information because they also have their own goals to reap a lot of benefits from increasing site traffic. For the legality of bitcoin "trading and mining" I think it would be good information as evidence that the government has considered access to users even though it is restricted in the context of "mining and trading". Indonesia has legalized "trade", but I don't know exactly how mining works but it doesn't seem to be banned. I hope it can help bitcoin fundamentally.

[pergola]

Even if the electricity is cheap, there's still the fact that it's probably not popular and from what I remember, Laos has a small population to really impact the market big time. Man, I do hope though that other Southeast Asian countries will follow what Laos did because I feel like the protection of the law should be experienced by the crypto community.

Laos has a few large hydropower plants and they may have a surplus of electric power. They just have a draft of the law on cryptocurrencies. To be issued they need a lot of time. As far as I know, Vietnam, Thailand and countries in Southeast Asia are doing research on legal documents to manage cryptocurrencies.

[hugeblack]

Few countries consider Bitcoin an illegal asset and I find them right because it will cost a lot of effort and waste a lot of money that could be obtained from taxes if Bitcoin is classified as an asset.
Also, most countries in which Bitcoin is considered illegal have not recorded many cases in which people have been arrested because they own Bitcoin.
What will make a difference is the classification of bitcoin as a currency alongside the country's official currency.

[zaesvlas]

And have they already begun to do something at the legislative level in Ukraine, or are they just plans so far?

[Slow death]

And have they already begun to do something at the legislative level in Ukraine, or are they just plans so far?

from what I can see they have only authorized certain companies to mine and trade bitcoin while they are taking steps towards legalization.

ASIAN NATION LAOS TO LEGALIZE BITCOIN MINING AND TRADING


The Southeast Asian nation of Laos changed its official policy, authorizing six companies to trade and mine Bitcoin while the government begins to draft regulations about its use.

That's a good thing, it's good to know that many countries don't follow paths like China, but I hope that in a few months we don't hear things like: "bitcoin mining is causing pollution", these non-governmental organizations that fight for the environment manage to exaggerate and create nonsense theories, hope they don't create headaches in LAOS

[stompix]

So the government is trying to play smart by utilizing their cheap electric resources to bitcoin mining and earn tax revenue from it. Completely makes sense!

Why?

"From now until 2025, Vietnam will purchase 3,000 MW of electricity from Laos at a price of 6.95 U.S. cents per kWh. It is expected that the amount of electricity sold to Vietnam will rise to 5,000 MW between 2026 and 2030, with the price to be re-determined," he said.

Laos is simply selling energy at 7 cents per kWh, directly to a country, clear contracts, why should they offer it cheaper to some miners that might not pay a dime on profit, maybe even not pay their bills on time and also flee next day if a better opportunity arises or go outright bankrupt. On the other side, why would a miner go to Laos if they can have better rates in other countries where they are not required to first ask for a license to mine on top of every other documents.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/

Those averages mean nothing.
The US for example has 16 cents in that table, yet Marathon is running on 2.8 cents per kWh.

[Haunebu]

because I feel like the protection of the law should be experienced by the crypto community.

Nonsense. BTC was developed to put the power back into the people's hands which is why I disagree with you here. Government acceptance of BTC and other popular cryptocurrencies is beneficial for the crypto market, but not essential.

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

Over-optimistic. After 20 years, more countries would have probably embraced BTC, but many other countries like China etc would probably not change their negative perception of BTC.

"bitcoin mining is causing pollution", these non-governmental organizations that fight for the environment manage to exaggerate and create nonsense theories, hope they don't create headaches in LAOS

Bitcoin mining is actually harming the environment which is why they aren't entirely wrong in this case. This is why energy efficient miners have become popular in recent times.

[stompix]

Bitcoin mining is actually harming the environment which is why they aren't entirely wrong in this case. This is why energy-efficient miners have become popular in recent times.

There is no such thing happening.

A car becomes more efficient when it drives on less gas so all the cars in a country will consume less gas.
With cars, no matter how cheap gas gets you won't be driving 10 cars at the same time because gas is 10 times cheaper.
Miners with a better J/TH efficiency will not make the network consume less energy, they will just increase the hashrate for the same amount of energy spent, but if the reward goes up 100 times, miners will add 100 times more miners.

The energy consumption is dictated by only one thing, the price of bitcoin, that doubles, so will the hash rate once enough miners are purchased, the price goes to 10$, the whole network will consume less energy than a merry-go-round.

[cryptomaniac_xxx]

Even if the electricity is cheap, there's still the fact that it's probably not popular and from what I remember, Laos has a small population to really impact the market big time. Man, I do hope though that other Southeast Asian countries will follow what Laos did because I feel like the protection of the law should be experienced by the crypto community.

I doubt that other Southeast Asian countries can follow because majority of nation around that region, the electricity is not that cheap. There are even some countries in SEA who doesn't have adequate electricity, so I'm surprised that Laos has such abundance of it, while it's neighbors suffers from some black outs.

[DaveF]

I doubt that other Southeast Asian countries can follow because majority of nation around that region, the electricity is not that cheap. There are even some countries in SEA who doesn't have adequate electricity, so I'm surprised that Laos has such abundance of it, while it's neighbors suffers from some black outs.

Hydro power is great and cheap if you have the water / terrain that it works in.
And if people are close enough that you don't need massive infrastructure to get the power from the dams / generation facilities to them.

Just a few miles up or down stream can make all the difference.

Saw an interesting show on one of the science TV channels a few years ago about it.

As for the legalization, to me it looks more like acceptance.
Legalization means that at one point it was illegal, this is more of we know it's there and are now passing laws about it.

-Dave

[noorman0]

It is a country that borders directly with China geographically. The reasons for legalizing bitcoin mining make more sense to welcome the transfer of large mining companies that were forcibly closed from their neighboring countries. Of course, this is a decent income opportunity for the state in addition to their main economic income as an agricultural country.

[Nunoluck]

For me it is good to see good news about bitcoin although sometimes some just a misleading. As long as it is not a fake news then I think it is okay. Every news that made by any media has value, it is means it worth of money. If we pay some media to advertise bitcoin then we will spend a lot of money. In my point of view, that is free advertisements about bitcoin and it is good. If bitcoin exchanges or minning are banned from a country I Think at the first place government should not prevent any bitcoin minners activity because basically they just running a device, just the same like we running a laptop for work, play game and etc. It will not harm people. That's my opinion. Laos can take this opportunity to attracts investors to invest in their country and help their economy.

[kanayaTabitha]

Legalize and banning news keeps appearing every day, i don't whether it's true or just a pump and dump news.
Just like we heard about legalize and banning crypto in china that always successfull to make the market move. Anyways, whatever the news out there. Crypto has already experienced a fairly rapid increase in terms of technology and price.
So it's just a matter of time for people around the world to realize it and use it as their main transaction money.

[bittraffic]

Legalize and banning news keeps appearing every day, i don't whether it's true or just a pump and dump news.
Just like we heard about legalize and banning crypto in china that always successfull to make the market move. Anyways, whatever the news out there. Crypto has already experienced a fairly rapid increase in terms of technology and price.
So it's just a matter of time for people around the world to realize it and use it as their main transaction money.

The media embedded the word legalize as if it's really good though. The freedom fighters like it's all the time some go to the extent of shouting "Legalize Marijuana!" 
But governments are starting to use that term as well to lay hold of us.

Laos is also a perfect country to start Bitcoin adoption just like El Salvador. It's the small countries that are easy to experiment with especially with just a 7M population.

[Bazley]

A smart government can seize this opportunity. This will drive employment and increase income. The most important thing is to let more people know about bitcoin. It is hoped that more and more countries will legalize mining.

[cotton ball]

this is just a matter of time, we have to be patient, because later in 3 or 4 years later other countries will legalize bitcoin, because El Salvador's steps to legalize bitcoin, have affected many other countries, now many Asian countries want to legalize bitcoin..we see what happens next..

[Darker45]

It is weird that an approval is already given sans official policies on Bitcoin mining and trading. It is hard to start building up structures and then operate while the regulations are still in the process of being drafted. If I were an investor in Bitcoin mining, I'd rather wait for the regulations to come out as officially approved before I begin spending money. It is hard to be investing big on something while on trial. Anything could happen next. There's actually no need to take such unnecessary risks.

[Potato Chips]

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

A good start would be to stay away from news sites with misleading headlines. I recommend coindesk, here is their take on this: Laos Authorizes Six Companies to Start Crypto Mining which fits better as there's no enough info to support the "to legalize" claim.

[amishmanish]

A good start would be to stay away from news sites with misleading headlines. I recommend coindesk, here is their take on this: Laos Authorizes Six Companies to Start Crypto Mining which fits better as there's no enough info to support the "to legalize" claim.

I don't think any of these mainstream crypto publications are trustworthy enough. They are just sources of news and one should make ones own conclusion. Coindesk regularly publishes articles for HYIP tokens too whose sole purpose is to find a new buyer. Even in case of the original article, the headline was misleading but the article clearly mentions that they have selectively authorized 6 companies for trading and mining.

What makes me happy about this stuff is though the other information that they have formed groups to study and find ways for incorporating Bitcoin. It is heartening that this is a financial decision in which smaller, less powerful nations don't necessarily have to take the lead of the bigger countries. They are in fact leading the path which is difficult but promising. Hoping for the best for the people there.

[hd49728]

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

A good start would be to stay away from news sites with misleading headlines. I recommend coindesk, here is their take on this: Laos Authorizes Six Companies to Start Crypto Mining which fits better as there's no enough info to support the "to legalize" claim.

It is exactly what I worried. Authorize and legalize are completely different. Word is changed and used intentionally to mislead readers and newbies on the market. Two points I considered when I saw that article title.

Laos is a small country.
Legalize is very likely a misleading term. Finally with your help, my worry is correct. I did not try to search around the Internet to verify that news because with me, it is unimportant news.

Thank you for the article.

[pergola]

"From now until 2025, Vietnam will purchase 3,000 MW of electricity from Laos at a price of 6.95 U.S. cents per kWh. It is expected that the amount of electricity sold to Vietnam will rise to 5,000 MW between 2026 and 2030, with the price to be re-determined," he said.

Laos is simply selling energy at 7 cents per kWh, directly to a country, clear contracts, why should they offer it cheaper to some miners that might not pay a dime on profit, maybe even not pay their bills on time and also flee next day if a better opportunity arises or go outright bankrupt. On the other side, why would a miner go to Laos if they can have better rates in other countries where they are not required to first ask for a license to mine on top of every other documents.

Very useful information.
Laos is making a wise move. Maybe this is their new policy for miners. As far as I know, the Chinese live in Laos and make up the majority here. This will attract miners in China to move in without having to travel far.

[Natalim]

"From now until 2025, Vietnam will purchase 3,000 MW of electricity from Laos at a price of 6.95 U.S. cents per kWh. It is expected that the amount of electricity sold to Vietnam will rise to 5,000 MW between 2026 and 2030, with the price to be re-determined," he said.

Laos is simply selling energy at 7 cents per kWh, directly to a country, clear contracts, why should they offer it cheaper to some miners that might not pay a dime on profit, maybe even not pay their bills on time and also flee next day if a better opportunity arises or go outright bankrupt. On the other side, why would a miner go to Laos if they can have better rates in other countries where they are not required to first ask for a license to mine on top of every other documents.

Very useful information.
Laos is making a wise move. Maybe this is their new policy for miners. As far as I know, the Chinese live in Laos and make up the majority here. This will attract miners in China to move in without having to travel far.

Laos has changed its policy since September 9 allowing six companies to mine and trade bitcoin on a trial run. This is really a wise move for Laos because its own place is definitely one of the most hydropower resource rich countries in Asia so its really ideal for a profitable and sustainable bitcoin mining.

And knowing Chinese are the majority residents in  Laos so this this will be a perfect time for miners in China to move into Laos where bitcoin mining and trading is fully supported by the government.

[DOH!]

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

It is clear that more and more countries are opening up to receive and consider the conditions, resources, and infrastructure to legalize bitcoin.  Following Ukraine, the signals coming from Cuba and Laos are not surprising.  In the next 5-10 years, there will be a bunch of countries legalizing bitcoin.  And they will make September 7 a historic date from El Salvador
https://cointelegraph.com/news/cuba-s-cryptocurrency-regulations-take-effect

[Leviathan.007]

In the case of countries such as Laos usually, the governments will find bitcoin helpful assets for governmental and baking transactions. Also, they will use bitcoin as a solution for the economic sanctions they are facing or they may face later. So, the first and most important reason can be accepting bitcoin for their own benefits. On the other hand, they are aware of how bitcoin works and they know that they can not completely suspend bitcoin in their countries that's why doing legalization may work better, legalization of bitcoin can be a step before knowing bitcoin as an investment and taking tax from the investors.

[verita1]

Excellent initiative in Laos! People are already worrying about their future.
The Covid19 left some unproductive sectors such as tourism and the government of Laos as other countries are seeing how bitcoin can boost their economies.
Among the main sources of income of this nation is tourism as well as energy exports and using this they can take advantage of this resource to make legal use of bitcoin, ethereum and litecoin mining through hydropower.
Good for bitcoin and crypto because the nation can teach others a way to mine bitcon with less environmental impact.

[AakZaki]

The more adoption that is done by several countries that support bitcoin, the more popular the use of bitcoin will be. but even so the pros and cons will continue to occur. as happened recently in el salvador about the refusal of several groups of people who do not agree with the legalization of bitcoin to protest and burn one of the Bitcoin ATM machines.
Now Laos will also adopt bitcoin, we'll see what happens. Bitcoin is growing in popularity.

[dupee419]

The more adoption that is done by several countries that support bitcoin, the more popular the use of bitcoin will be. but even so the pros and cons will continue to occur. as happened recently in el salvador about the refusal of several groups of people who do not agree with the legalization of bitcoin to protest and burn one of the Bitcoin ATM machines.
Now Laos will also adopt bitcoin, we'll see what happens. Bitcoin is growing in popularity.

Big difference here is Laos is just legalizing Bitcoin, allowing its citizen to freely use Bitcoin, mine, trade, but not totally rely on Bitcoin just like what El Salvador did, making it as their legal tender, which is not the case for Laos.

Also, 7 million citizens in Laos, that's not a small number at all but my concern here is how big Bitcoin is in Laos, if it ain't that big there, then the impact is probably not that great, although it's actually for their citizens to actually move without the fear of being arrested, since they can do activities without fear nor hatred.

[eaLiTy]

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

This is a fact that we hear news like this that could manipulate the market for the past several years. In the past one year i have heard about news in either direction that a country banned cryptocurrency or a country is accepting them but the truth is far from reality and i do believe these are spread so that they think they can manipulate the market with these news.

[livingfree]

If this news tend to be true then that's a major news that we have, just another country that have adopted mining and trading of bitcoin.

Well, this time everyone isn't overhyped with it unlike before that when used to see news like this, we're all positive. But due to the fact that many fake news have came before, we just want to validate the news first.

[Naficopa]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

If this information will confirm, and it will probably happen soon (if it hasn't already happened), it will definitely be another big step on the road of Bitcoin and all cryptocurrencies to the mainstream. Legalizing mining and trading cryptocurrencies is a great help for miners, so I'm sure many companies and investors will turn their eyes to Laos. I am sure that the low cost of electricity and the legalization of cryptocurrencies will mean that many mining farm will be built there.

[Dilladupak]

Laos is a small country in southeast Asia, and it turns out that this country has dared to take the decision to legalize Bitcoin. This is very extraordinary, is it possible that Laos will overtake other Southeast Asian countries such as Indonesia, Malaysia, Thailand and Myanmar?
More and more countries will legalize Bitcoin, this is really good news.  It is proven that Bitcoin continues to show its development.

[ropyu1978]

one by one countries want to follow in the footsteps of el salvador, if el salvador is really successful in managing bitcoin, and can make their economy better, in the next ten or twenty years maybe all countries will legalize bitcoin, and make bitcoin a currency that OK, now we are just waiting for the development of El Salvador..

[Kittygalore]

I want to see what factors make laos implement bitcoin legalization?  if only based on the cost of cheap electricity it seems that is not enough for the main reason.  I want to make sure that the government is really serious about legalizing the bitcoin market so that in the future it can be a motivation for other countries, especially the Southeast Asian market.

Totally agree but cheap electricity is useful for bitcoin to flourish as it will make miners earn more in that country. Another reason is probably just advancements in technology and keeping up with it's neighboring countries.

[suzanne5223]

The Ukraine government and then Laos legalizing Bitcoin is a sign that some governments now truly understand the benefit and how helpful Bitcoin will be for society and the nation's economy. But, Ukraine only legalizes and regulates cryptocurrency and not as legal tender as we see in El Salvador why Laos only wants to benefit from crypto through mining and trading.

I won't consider it as legalization for crypto but it is still a positive motive though.

[chanler]

If that's true, it's certainly good because more and more countries are now legalizing crypto. the development of crypto can be even more brilliant in the future for sure. crypto has shown its existence in several countries and it makes a lot of people get the results. if a country has legalized crypto it means they know the benefits of crypto themselves for the government. although there are still some countries that are currently unable to accept crypto, we don't know how in the future whether there will be more countries that accept it or even less.

[Rengga Jati]

Based on the news, we can see that Loas still tries to a trial program of cryptocurrency. ANd the countries authorize some companies to do the trial program.
Actually, it may not mean legalization. But, it seems that they are still in progress on deciding the law of the crypto itself. But at least, this trial program can lead to better decisions after the final, moreover if the trial program is successful.

And one to note is that this program doesn't relate to any currency service. So, it means that they have not yet legalized crypto as a currency, not yet at least.

[yazher]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

I agree with the term legalize it should be more comprehensive unlike what they've been telling the people its meaning where when they say legalize it is just only some partial or temporary matter where they do not totally legalize the use of it. We will see the result of it if those miners will migrate to their location and build a massive mining factory there. If there won't be any problem or no one will care about it, then we can say that it's true. until then, it's only mere speculations.

[AakZaki]

Big difference here is Laos is just legalizing Bitcoin, allowing its citizen to freely use Bitcoin, mine, trade, but not totally rely on Bitcoin just like what El Salvador did, making it as their legal tender, which is not the case for Laos.

Also, 7 million citizens in Laos, that's not a small number at all but my concern here is how big Bitcoin is in Laos, if it ain't that big there, then the impact is probably not that great, although it's actually for their citizens to actually move without the fear of being arrested, since they can do activities without fear nor hatred.

In general, the legality of Bitcoin in Laos is only as a commodity and cannot be used as a legal tender. this is the same as other developing countries.

The development of bitcoin in Laos is still very early, it needs adaptation and introduction before they are used. 7 Million Lao citizens may not be up to 50% who know about bitcoin. If they know and understand about bitcoin and cryptocurrencies, of course the impact will be greater and have an impact on the market.

[stompix]

Laos has changed its policy since September 9 allowing six companies to mine and trade bitcoin on a trial run. This is really a wise move for Laos because its own place is definitely one of the most hydropower resource rich countries in Asia so its really ideal for a profitable and sustainable bitcoin mining.

Actually, it's not, globally it ranks 30th and only 8th in Asia.
Just for comparison, Laos produces 17Twh a year from hydropower while Japan 85, even Vietnam has 63Twh a year production.
They are seen as rich in hydropower because they also consume very little energy so they don't need additional sources of energy, the average consumption per capita is just 566, while in France is 6,702.

Big difference here is Laos is just legalizing Bitcoin, allowing its citizen to freely use Bitcoin, mine, trade, but not totally rely on Bitcoin just like what El Salvador did, making it their legal tender, which is not the case for Laos.

And it's better to experiment first and let people choose than force it down their throats and face repercussions.
Those who will want to use will do so, the ones who don't are free to ignore it, that should be the normal approach for every country, changing a bad system to a promising one using fast forward will not always guarantee success, and in this case, we're talking about implications on a nationals scale, not the finances of some people who have assumed their risk when buying and trading.

[Shenzou]

I think that by leagalize i mean that they mean that they will be putting some laws around it , whether that is to implement some taxes or some form of limitation in order to get in on the hype of the cryptocurrency, not that even matters because i am sure that like any other country where the haven't made any law about the cryptocurrency things are always working in the shadows, and nobody cares.

[dothebeats]

Bitcoin in Laos isn't very much popular compared to other Southeast Asian countries. From what I can remember, only a small percentage of their population is engaged with the internet, and most of them are still relatively poor when compared to other citizens of the neighboring countries. Perhaps what they mean by legalize is drafting laws and creating a regulatory framework for future laws that they can pass re: bitcoin and cryptocurrencies. They can very well use it if adoption picks up pace in the country, that I am sure.

[Yamifoud]

Bitcoin in Laos isn't very much popular compared to other Southeast Asian countries. From what I can remember, only a small percentage of their population is engaged with the internet, and most of them are still relatively poor when compared to other citizens of the neighboring countries. Perhaps what they mean by legalize is drafting laws and creating a regulatory framework for future laws that they can pass re: bitcoin and cryptocurrencies. They can very well use it if adoption picks up pace in the country, that I am sure.

It is probably their people who are waiting for such legalization before their getting interested in cryptocurrency or in Bitcoin. I expect a huge engagement on the market once it was officially announced and there is a law that protects their people. If the government is serious about this development and market integration, this could create trust between their people and crypto.
Maybe we could say that internet connection is a big factor that will affect the adoption but I believe the government can find a way to solve the problem.

[TinaK]

Bitcoin in Laos isn't very much popular compared to other Southeast Asian countries. From what I can remember, only a small percentage of their population is engaged with the internet, and most of them are still relatively poor when compared to other citizens of the neighboring countries. Perhaps what they mean by legalize is drafting laws and creating a regulatory framework for future laws that they can pass re: bitcoin and cryptocurrencies. They can very well use it if adoption picks up pace in the country, that I am sure.

It is probably their people who are waiting for such legalization before their getting interested in cryptocurrency or in Bitcoin. I expect a huge engagement on the market once it was officially announced and there is a law that protects their people. If the government is serious about this development and market integration, this could create trust between their people and crypto.
Maybe we could say that internet connection is a big factor that will affect the adoption but I believe the government can find a way to solve the problem.

Internet connections are very important to communicate with other people worldwide. Maybe their government will take action regarding this problem and since bitcoin transaction is usually have done on the internet, there is more adoption once there is an internet.

I think it takes time before Laos will take fully accepted bitcoin in their country and until now their government is undecided regarding this issue.

[iTradeChips]

Even if the electricity is cheap, there's still the fact that it's probably not popular and from what I remember, Laos has a small population to really impact the market big time. Man, I do hope though that other Southeast Asian countries will follow what Laos did because I feel like the protection of the law should be experienced by the crypto community.

I doubt that other Southeast Asian countries can follow because majority of nation around that region, the electricity is not that cheap. There are even some countries in SEA who doesn't have adequate electricity, so I'm surprised that Laos has such abundance of it, while it's neighbors suffers from some black outs.

Philippines is one of the countries with high electricity rates, thanks to a monopoly of electric companies scattered all over the country. Electricity rates are cheaper in areas near electric power plants and in the remote provinces. But in the major urban areas and major cities, the electricity rates are very high. So many crypto peeps here do mining very scarcely or very minimal only as the rates are so high.

[masterrex]

IMO, I believe it can bring opportunity in Laos if it's true, Laos is a landlocked nation with an abundance of flowing rivers that produce high output of electricity from hydropower plants so it has no pollution issues to discuss, and its good for Bitcoin mining because as we all know Bitcoin mining was a hot topic in the previous discussions because of dirty electricity source while mining Bitcoins.

[19Nov16]

This is good news, more and more countries are legalizing bitcoin so it will make the number of active users continue to increase, Ukraine and Laos will have a positive impact on the world because bitcoin is the future of the transaction system.

[iTradeChips]

I think that by leagalize i mean that they mean that they will be putting some laws around it , whether that is to implement some taxes or some form of limitation in order to get in on the hype of the cryptocurrency, not that even matters because i am sure that like any other country where the haven't made any law about the cryptocurrency things are always working in the shadows, and nobody cares.

Legalize may mean that it can be allowed to used by the people as an asset. I am not sure whether allowing an asset to be traded like gold and silver needs legal backing or a decree from the government but all I know is, when it is allowed, then it means it is allowed. There will be no laws that would prevent it or make it illegal, but also it is like a gray area where if you lose money because of mishandling crypto investments, there would be no government insurance that would pay you.

[Hippocrypto]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

Let's see in the upcoming months whether this will cause a positive effect or not, the legitimacy of this news will soon be proved if there's a good outcome which will be seen on Bitcoin price along with other promising coins. For now, main stream media will ride on this trend and potentially gather strong focus particular with biggest investors who's actively waiting for the right time to invest their money on bitcoin.

[Hypnosis00]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

Let's see in the upcoming months whether this will cause a positive effect or not, the legitimacy of this news will soon be proved if there's a good outcome which will be seen on Bitcoin price along with other promising coins. For now, main stream media will ride on this trend and potentially gather strong focus particular with biggest investors who's actively waiting for the right time to invest their money on bitcoin.

yeah, it was too early to make a conclusion. They are just about to start and surely it wasn't easy for them but I believe they could find the momentum especially when there is a mutual understanding between the government and the community. Now now, we can never tell that what happens to EL Salvador will also happen to Laos or to the other country, that is actually different as it will matter how the government handled and support the adoption which is a big factor that will affect the results.

[elisabetheva]

IMO, I believe it can bring opportunity in Laos if it's true, Laos is a landlocked nation with an abundance of flowing rivers that produce high output of electricity from hydropower plants so it has no pollution issues to discuss, and its good for Bitcoin mining because as we all know Bitcoin mining was a hot topic in the previous discussions because of dirty electricity source while mining Bitcoins.

indeed, if it is true that Laos has built a hydropower plant, of course it is very helpful for a very large opportunity as you said, because indeed the electricity problem is a very crucial thing for mining, but if they can solve it, of course it can make the main problem can be solved. so it is appropriate that the country wants to legalize it, because it will clearly help the country's economy by making its people able to generate additional income from mining. Of course, all that remains is to regulate it with binding rules so that the state can also benefit and can regulate so that there is no abuse.

[DarkDays]

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

In a way, I approve of the above. Crypto will be inevitable and for sure it is only a matter of time but before that comes we need to bring our focus to today and seeing all of these talks/promises it is great. But essentially we want to see it implemented, and not by Asian countries but also Europe as well as other continents.

For sure, Ukraine and Laos are a step up but more countries are needed for the wider adoption everyone is talking about. Though so far this is progress nonetheless.

[cheezcarls]

Legalization is much better than just completely banning all Bitcoin and crypto-related stuff like China did. I had no doubt that those who are not embracing cryptocurrencies in open arms will be left behind. They might realize it in a few years from now to a decade or so, as Bitcoin never stops getting adopted in various cases worldwide.

[buwaytress]

the electricity problem is a very crucial thing for mining

Let's get things straight, though. Electricity is not a problem, but a challenge. And we do need a bit more awareness to bring the discussion away from "Bitcoin mining is consuming power the size of X country", to "the cost-benefit" of securing the network.

I daresay any kind of mining legalization probably recognises that the cost does come with significant benefit for a universal monetary system.

Besides, power consumption is hardly unique to mining -- even without all the media distractions about how it's so energy-intensive, the industry itself is constantly trying to make things more efficient.

[Tumanggor]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

I think Laos is currently studying what impact will happen if they accept bitcoin as a legal tender, so they start by legalizing bitcoin mining in their country

since El Salvador accepted bitcoin as a legal tender, many developing countries have started to pay attention to the impact that is happening in El Salvador. if the impact is positive in the next few years, developing countries that are not as strong as China or the US will start to make bitcoin as a legal tender in their countries

[sherenikaw]

Of course this is good news if many countries are starting to legalize bitcoin. considering there are several countries that oppose and ban bitcoin these days. Regarding whether the news is true or not, we know that there are a lot of inaccurate news out there, but I hope this is accurate news. if many countries legalize bitcoin, of course the population will also be helped and automatically the country's economy can also be helped if people can use bitcoin well. I hope that bitcoin will continue to develop well in the future.

[blackened515]

Is feels good seeing Bitcoin growing and gets legalize in countries. Ukraine accepted Bitcoin, and now Laos have also followed the step. However, with time we will know if the information is true. I believe with time, other Government will understand the benefits Bitcoin offers, and accept it. Laos is blessed with green energy, and also according to report from their Prime Minister's office, six companies have been authorized to start the mining and trading of Bitcoin, Ethereum and Litecoin.

[Tipstar]

Crypto mining would be a good option for countries with cheap energy and specially for renewable plants that produce more than they could supply to the grid. For Laos, 80% of their energy demand is provided by renewables and that's increasing. With the xayabury dam, Loas would produce more energy than it needs now. They need to use it to something productive and bitcoin mining is perfect solution for use of excess energy.

[dkbit98]

I saw that many politicians in Ukraine declared ownership of Bitcoin and they are probably the country with biggest number of politicians who publicly own Bitcoin, in total they have around 46351 BTC, much more than all politicians in US have together.
This should be the path to follow for other countries, and that will result in Bitcoin being legalized everywhere, when politician have some skin in Bitcoin game.
Going opposite way would be doing something like China and their dictatorial regime did, banning everyone from using crypto but we know they are still using it illegally.
Anyone can confirm this data here:
https://opendatabot.ua/analytics/135-bitcoin-rada

Let's get things straight, though. Electricity is not a problem, but a challenge. And we do need a bit more awareness to bring the discussion away from "Bitcoin mining is consuming power the size of X country", to "the cost-benefit" of securing the network.

I think that money paid for securing most secure computer network in the world ever, is well worth spend, same as the energy is well spent.
Electricity factor is always a factor, that is why miners first went to China, but Ukraine and other countries also have cheap electricity, and as we can see political system is supporting Bitcoin personally, that is very important part of the puzzle.

[bitzizzix]

All the reasons are because of the pandemic to recover the economy with different plans and reasons, indirectly the pandemic brings positive things for bitcoin or crypto.
and with what we saw during the pandemic, bitcoin users are increasing including countries that have started or are planning to legalize and view bitcoin or crypto positively as a source of income.
and I don't care about countries that legalize or allow mining in their country because for me anything positive for bitcoin I really support and also slowly bitcoin growth will be brighter in the future.

[Ryker1]

All the reasons are because of the pandemic to recover the economy with different plans and reasons, indirectly the pandemic brings positive things for bitcoin or crypto.
and with what we saw during the pandemic, bitcoin users are increasing including countries that have started or are planning to legalize and view bitcoin or crypto positively as a source of income.
and I don't care about countries that legalize or allow mining in their country because for me anything positive for bitcoin I really support and also slowly bitcoin growth will be brighter in the future.

Well, that is possible and I think that is the reason too. We are still on the pandemic and everyone wants to always have an electronics transaction and bitcoin and other cryptos are suitable for this, --in short, it is a very useful asset. There is no doubt that other countries will follow this legalization as others did. After in El Salvador, in Ukraine, and now in Laos, what next? As we can see, many countries have an interest in this technology but there is one problem, --the taxation. However, we hope that there are other countries who will follow the steps on this who early adopted bitcoin.

[zaesvlas]

I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

[TimeTeller]

Crypto mining would be a good option for countries with cheap energy and specially for renewable plants that produce more than they could supply to the grid. For Laos, 80% of their energy demand is provided by renewables and that's increasing. With the xayabury dam, Loas would produce more energy than it needs now. They need to use it to something productive and bitcoin mining is perfect solution for use of excess energy.

This will be good also for Chinese miners who are looking for alternative places to move their mining facilities.
Laos, is a neighboring country of China, so I think moving their business here would not be too difficult now that China is being strict when it comes to crypto.
If Laos will open its doors to crypto-related businesses, it may also help in boosting their economy now that the world is still in pandemic crisis.

[Chrystora123]

I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable.  Hopefully after this Laos will make bitcoin as a legal tender there..

[TelolettOm]

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable.  Hopefully, after this Laos will make bitcoin a legal tender there..

every legalization of Bitcoin will give positive effects on the country. Moreover, if it is about mining Bitcoin. We know that currently, China ban all crypto activities moreover mining. So, we can see other changes in other countries. Although Ukraine and Laos are not as big as China, at least their statement will be helpful enough.
But so far, it still doesn't give a big impact. Moreover, the legalization in that country is like others, not like El Salvador.

[perfect999]

I am glad that the countries are interested in development, in the introduction of technologies. I think these countries also want to attract attention to themselves in this way.

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable.  Hopefully after this Laos will make bitcoin as a legal tender there..

Even it is good and profitable but right now it is all study case because after checking all impacts then we will have any update about this right now if you're able to check chart which is available in OP about electricity prices they are not in cheap list they have some good prices which can effect of them badly as well even bitcoin price will rise, but this can bring some bad impact on many other things as well.

Even they have share border with China which can give them some good advantage as many big miners can shift here and able to do some big investments hopefully this will help them to develop their electricity department, and they can improve in this all was any result can happen, but first we have to check when this all coming.

[deathcode]

big profit opportunities will be in Laos if they legalize bitcoin mining there, china banned bitcoin mining there because they think their country is already strong economically but they are wrong because in the future bitcoin will be more valuable.  Hopefully, after this Laos will make bitcoin a legal tender there..

every legalization of Bitcoin will give positive effects on the country. Moreover, if it is about mining Bitcoin. We know that currently, China ban all crypto activities moreover mining. So, we can see other changes in other countries. Although Ukraine and Laos are not as big as China, at least their statement will be helpful enough.
But so far, it still doesn't give a big impact. Moreover, the legalization in that country is like others, not like El Salvador.

more and more countries are aware of crypto and bitcoin. it will certainly help the crypto market gain more trust from the users.
This will trigger the adoption of blockchain for use in developing several companies in the country. I hope some big countries follow this step.

[turneps]

Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

[bitterguy28]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

I thought the word legalization is like what El salvador does, i don't know but that's how i imagine each time i read legalization term in Bitcoin lol.

But since Laos has cheaper energy then they are qualified in this adoption of Mining and trading.
maybe if they find this beneficial they will adopt as currency also  .

also hoping that they will open their door not only in Mining and trading bitcoin but also to some altcoin that has potential .

[worle1bm]

One by one & then they will all come. In 20 years any country refusing to adapt & adopt bitcoin will be left behind.
It’s only a matter of time, we must be patient.

The bitcoin future is secured with nations, companies accepting it and even indulging themselves into bitcoin mining.The highlight part is profit associated with it and in 20 years the prices will be too high compared with the current.So everyone wants to have it with them and in coming years we will see more growth.So yes being patient is fine for long term also.

[Cryptmuster]

Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

Ukraine is more loyal to cryptocurrencies in comparison with many countries of the world, but this loyalty is not confirmed by laws, they are constantly being sent for revision and nothing significant has happened so far. But of course I am glad that Ukraine is moving in the right direction, this may give a certain advantage in the future, when this country will be one of the first to have a legislative framework for cryptocurrencies.

[Wildwest]

If this news is true then this is an Asian country with a small popularity but the development of the crypto world is relied on and I think other Asian countries should follow it, let alone the development of the crypto world is increasingly visible then this is an opportunity to increase the income of the country, let alone the country of Laos has a cheap electricity burden then if used for bitcoin mining is a very appropriate idea, If they can make good rules then the benefits obtained will definitely be tempting to other countries.

[Ozero]

Ukraine's parliament has passed a bill to legalize and regulate cryptocurrencies in the country in an effort to attract new investment capital. Accordingly, Ukraine intends to open the crypto market to businesses and investors by 2022. Ukraine is not the only country moving towards legalizing Bitcoin. Before that, there was a long list of countries that put Bitcoin into law. On 9/9/2021, Laos changed its policy and allowed 6 Bitcoin mining companies for testing purposes, the government will start drafting regulations to govern this industry.

Unfortunately, this information is already inaccurate in relation to Ukraine. The draft law on virtual assets adopted by the Ukrainian parliament has not yet become law. It was not signed and vetoed by the president of this country. It is not yet known for what reasons. Therefore, Ukraine still remains in a gray zone and has not yet legalized cryptocurrency. However, this will happen anyway soon.

[Sanitough]

Thanks for sharing the list of global Electricity prices.

I live in the Philippines and I can't believe that our electricity is very high despite our country is not a developing county.
I actually start mining but my business is just a small-time, so it didn't push through.
With the prices I saw, I think I like to live in a country where electricity is cheap and start a mining business.

Ukraine and Laos electricity rate is still considered as low, it's good for business but of course, the government has to support it too.

[GubiMixa1292]

I really acknowledge that This is a wise move by Laos as their position is definitely one of the richest in hydroelectric resources in Asia so it's really ideal for profitable bitcoin mining and sustainable. And it's smart to be able to use abundant resources to mine BTC and this energy has no impact on the environment, it seems Laos has legalized and accepted cryptocurrencies is legal , unlike in my country legally accepted cryptocurrency is still very vague.

[zanezane]

If this news is true then this is an Asian country with a small popularity but the development of the crypto world is relied on and I think other Asian countries should follow it, let alone the development of the crypto world is increasingly visible then this is an opportunity to increase the income of the country, let alone the country of Laos has a cheap electricity burden then if used for bitcoin mining is a very appropriate idea, If they can make good rules then the benefits obtained will definitely be tempting to other countries.

Easy to say, the only problem is that most Asian countries have a hard time adjusting to new technology especially those on the third world side of Asia, they have corrupt governments if not incompetent and they lack the money to adopt the changes.

[v3liana]

Countries that are early adopters stand to profit more compared to laggards. I expect another Laos type move by some country in a few months and it will make a big impact for cryptocurrency and it can make the market more bullish than now.

[Rufsilf]

Asian nation Laos to legalize Bitcoin mining and trading

I am suspicious on the word legalize. It can be used inaccurately and I think we will need more time to see it is really a legalization or just a fake news, a misleading term using on media.

I mean terms like ban, legalize can be used and misled by social media and whales.

Laos has cheap electricity price, you can check the chart: https://www.globalpetrolprices.com/electricity_prices/
Will the nation appears on the World Mining Map and move closely to nations like Kazakhstan or Ukraine? https://cbeci.org/mining_map

Wether this is true or not, it's still a good news for the bitcoin or any cryptocurrencies around today. Eventually, more and more countries and governments will start to welcome and legalize cryptocurrencies especially bitcoin because it's the most trusted and famous among other coins.

Soon, the neighboring countries not just in South East Asia but most of the Asian countries will start to legalize and accepts transactions in the form of bitcoins or its digital currency. Few years from now, I know that bitcoin will shine brighter than ever before.

[virasog]

Thanks for sharing the list of global Electricity prices.

I live in the Philippines and I can't believe that our electricity is very high despite our country is not a developing county.
I actually start mining but my business is just a small-time, so it didn't push through.
With the prices I saw, I think I like to live in a country where electricity is cheap and start a mining business.

Ukraine and Laos electricity rate is still considered as low, it's good for business but of course, the government has to support it too.

How can you think of mining if the cost of electricity is high in your country ? The mining will not be profitable in this case and you will only waste your money and resources on mining. Also its not practical for anyone to leave the country and settle in a country where the mining conditions are favorable.
One has to think on other ways on how to collect bitcoins and one good way is by trading.

[DarkDays]

Laos is a small country and not really fit for hosting big manufacturing hubs. So the government is trying to play smart by utilizing their cheap electric resources to bitcoin mining and earn tax revenue from it. Completely makes sense!

That's a good strategy both politically and economically, taking the home-advantage of a resource that opens your country to an entirely new market. Now it is only a matter of passing these governmental regulations and enabling people who have access to the hardware to mine.
While 7.2M people as the size of Laos is not enough to crack down on mining bans, it still is a start.