Laos Central Bank Warns Against Cryptocurrency Use

Asia Blockchain Review
June 6, 2019

The central bank of Laos, the Bank of the Lao People’s Democratic Republic, has issued another circular, warning the public against engaging in any form of crypto transactions.

In its recent communication, the central bank warned private citizens as well as businesses and commercial banks against executing any orders dealing in crypto, according to local news outlet Vientiane Times.

For commercial banks in the country, Bank of the Lao PDR urged them to strictly adhere to the previous circular issued in October 2018 which explicitly warns against the use of cryptocurrencies in the country. In the latest publication, it called for an outright ban on buying, selling, and the use of crypto as an investment vehicle.

The central bank’s recent notification was prompted by the discovery of adverts making the rounds on social media for crypto services via commercial banks, despite the latter receiving directives to refrain from doing so.

The central bank is reportedly concerned about the anonymous nature of cryptocurrency, which could facilitate money laundering. A source close to the Bank of the Lao PDR told Vientiane Times that authorities lack the security means to protect token owners.

These hard limitations are nothing new In the crypto community. While some countries like  Switzerland are embracing Bitcoin and other cryptocurrencies, others like China and India have taken a more hostile stance and banned it altogether.

According to a Cointelegraph report last month, the Indian government was planning to enact a complete ban on cryptocurrencies. The Ministry of Corporate Affairs stated that this move would prevent people from using crypto for money-laundering purposes.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Secure Digital Asset Trading with CoinTiger
Since its launch in 2017, CoinTiger has gained recognition in the cryptosphere for offering secure, ...

June 4, 2019

Interview with Ian Mckee, Founder and CEO of Vuulr
Asia Blockchain Review recently spoke to Vuulr Founder and CEO Ian Mckee about his proposition to de...

June 2, 2019

Interview with TM Lee, Co-founder of CoinGecko
On April 30th, we interviewed with TM Lee - CEO & Co-Founder of CoinGecko at Unblock Bangkok EP.6: U...

June 1, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us