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

[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..