Legalization. In Ukraine and now Laos

[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.